The process of privatization of IDBI Bank is going on: Deepam Secretary

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New Delhi: The central government on Friday said that the process of disinvestment of IDBI Bank is going on as per the laid down strategic sale process. He also dismissed media reports that IDBI disinvestment may be postponed. The Department of Investment and Public Asset Management (DIPAM) said the stake sale in the bank has moved past the expression of interest (EoI) stage. DIPAM Secretary Tuhin Kant Pandey tweeted, “After receiving various EOIs, the transaction is now progressing as per the laid down process.”

The government had received several initial rounds of bids in January for the strategic sale of about 61 per cent stake held by it and LIC in IDBI Bank. Bids were invited from potential buyers in October last for the sale of a total of 60.72 per cent stake, including 30.48 per cent government and LIC’s 30.24 per cent stake in IDBI Bank. At present, both the government and LIC together hold 94.72 percent stake in this bank.

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