Government’s big decision regarding sale of IDBI Bank, preparations started, deadline for this work has been extended Government’s big decision regarding sale of IDBI Bank, preparations started, deadline extended for this work

Government’s big decision regarding sale of IDBI Bank, preparations started, deadline for this work has been extended Government’s big decision regarding sale of IDBI Bank, preparations started, deadline extended for this work

The notice issued by Dipam said that the competent authority has decided to extend the deadline for submission of tenders by nine days. (Government’s big decision regarding sale of IDBI Bank, preparations started, deadline extended for this work)

Government's big decision regarding sale of IDBI Bank, preparations started, deadline extended for this work

Big decision of the government regarding the sale of IDBI Bank

New Delhi: The government has taken a big decision regarding the strategic sale of IDBI Bank. The deadline for bidding for the bank’s strategic management agreement has been extended by 9 days. Earlier, the deadline was July 13, which has been extended to July 22. Interested commercial banks and legal advisers can now bid for the bank’s policy management agreement by July 22. The government has given them an additional nine days to extend the bidding period. (Government’s big decision regarding sale of IDBI Bank, preparations started, deadline extended for this work)

Dipam served notice

The Department of Investment and Public Property Management (DIPM) had on June 22 invited tenders from commercial bankers and law firms to manage the sale process and provide legal advice. The deadline to submit bids was July 13. The notice issued by Dipam said that the competent authority has decided to extend the deadline for submission of tenders by nine days. Now the last date for submission of bids is 22nd July 2021.

LIC’s stake will also be sold

Dipam, who manages the government’s equity, has explained to commercial bankers that LIC’s stake in IDBI Bank’s government partnership will be sold. However, how much it will be, will be decided later. IDBI Bank is 94 per cent owned by both the central government and LIC. LIC currently has management control over the bank. The bank’s stake is 49.24 per cent. The government also owns 45.48 per cent stake in the bank. The share of non-promoters is 5.29 per cent.

The announcement was made by the finance minister in the budget

Finance Minister Nirmala Sitharaman had announced the completion of the bank’s privatization process in the 2021-22 budget. The privatization process of IDBI Bank will be completed in the current financial year, the finance minister had said in the budget. The government aims to raise Rs 1.75 lakh crore from the sale and privatization of minority shares in the current financial year. The Union Cabinet had in May approved the strategic sale of the entire stake in IDBI Bank to the government and LIC.

Insurance company LIC had acquired a controlling stake in IDBI Bank in January 2019. DIPM had last month invited tenders for management and advice on the transfer of strategic sales and management controls in IDBI Bank. It was attended by transaction advisors and law firms. (Government’s big decision regarding sale of IDBI Bank, preparations started, deadline extended for this work)

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