Business News

The privatisation process of IDBI Bank begins

Spread the love

The government on Tuesday solicited bids to engage transaction and legal advisers to help in the strategic sale of its stock, as well as transfer of management control, in IDBI Bank to private companies, kicking off the privatisation process in the banking industry.

Transaction advisors, which might include consulting companies, investment or merchant bankers, and financial institutions/banks, will handle all elements of the planned strategic disinvestment. It will involve advising the government on disinvestment modalities and timing, structuring the deal, conducting roadshows for possible investors, and recommending methods to maximise value.

According to the draft request for proposal document released by the Department of Investment and Public Asset Management (DIPAM) on Tuesday, the advisor will assist in negotiations with shortlisted bidders, determining the range of fair reserve price, and assisting IDBI Bank in the establishment of the e-data room that will assist investors in conducting due diligence.

The government now controls 45.48 percent of IDBI Bank, while Life Insurance Corporation owns 49.24 percent and public shareholders own the remaining 5.29 percent. DIPAM has indicated that public sector banks are not permitted to participate as bidders in the purchase of IDBI Bank. Bids from transaction and legal advisers must be submitted by July 13. With Cabinet approval and legal conditions in place, the IDBI Bank deal is anticipated to be completed faster than the process of privatising two other banks mentioned in the Budget.

NEWS SOURCE

ALSO READ : India receives $64 billion FDI in 2020, making it the world’s fifth largest beneficiary of inflows

Recent Posts

As Ola’s Bhavish Aggarwal Faces Criticism, Zomato’s Deepinder Goyal Receives Praise for PR Savvy

The contrasting public images of two prominent Indian startup founders, Zomato's Deepinder Goyal and Ola's…

1 month ago

Singham Again Trailer Launch: What to Expect

The excitement is palpable as Ajay Devgn and director Rohit Shetty gear up for the…

1 month ago

Hardik Pandya Impresses with No-Look Ramp Shot and All-Round Performance in India’s First T20I Win Against Bangladesh

Hardik Pandya showcased his prowess as an allrounder in T20 cricket, contributing significantly with a…

1 month ago

New Haryanvi Song “Bahu Chaudhariya Ki” Launched by Aman Jaji and Pranjal Dahiya

HR Beat Production has unveiled its latest Haryanvi hit, "Bahu Chaudhariya Ki," featuring artists Aman…

2 months ago

Apple’s iPhone 16 Pro Max: Improved Battery Life and Camera Features, but Missing Key AI Updates

Apple's highly anticipated iPhone 16 series is set to launch on Friday, with the flagship…

2 months ago

Music Director Vipin Reshammiya, Father of Himesh Reshammiya, Passes Away at 87

Vipin Reshammiya, father of Himesh Reshammiya, has passed away at the age of 87. He…

2 months ago

This website uses cookies.