Roadshows for IDBI Bank sale till April end

Roadshows for IDBI Bank sale till April-end

Mar 31, 2022,
Updated Mar 31, 2022 5:53 PM IST

The government is aiming to continue roadshows for the proposed sale of IDBI Bank for the next few weeks, before inviting bids in May. “Roadshows will continue until April-end. We are taking feedback from potential investors on the sale and the process”, a government official told Business Today TV. The government of India and the Life Insurance Corporation of India (LIC) together own more than 94 per cent equity in IDBI. The strategic disinvestment of the government and LIC's stake in IDBI Bank was approved by the Cabinet Committee on Economic Affairs on May 5, 2021. On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent following the issuance of additional equity shares by the bank under a Qualified Institutional Placement.

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The government is aiming to continue roadshows for the proposed sale of IDBI Bank for the next few weeks, before inviting bids in May. “Roadshows will continue until April-end. We are taking feedback from potential investors on the sale and the process”, a government official told Business Today TV. The government of India and the Life Insurance Corporation of India (LIC) together own more than 94 per cent equity in IDBI. The strategic disinvestment of the government and LIC's stake in IDBI Bank was approved by the Cabinet Committee on Economic Affairs on May 5, 2021. On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent following the issuance of additional equity shares by the bank under a Qualified Institutional Placement.

Also Read: LIC hikes stake in HDFC AMC to 7%

Also Read: Ariel India rolls out NFTs to promote household equality

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ABOUT THE AUTHOR

Karishma Asoodani

Karishma Asoodani is a multi-platform journalist with a Diploma in Digital Journalism from the City University of New York. Based in Delhi, she works as a Financial Journalist with Business Today Television, bringing nine years of experience in reporting on India’s economic policy. Her core interests lie in macroeconomics and geopolitics, and her coverage of global trade dynamics, the APAC economy, and the aviation sector has earned her industry recognition.

Outside the newsroom, Karishma is an avid runner and a strong advocate for the Sustainable Development Goals, with a particular focus on water security and conservation. She is fluent in English and Hindi, and is currently pursuing a B2 level in French.

Roadshows for IDBI Bank sale till April-end

The government of India and the Life Insurance Corporation of India (LIC) together own more than 94 per cent equity in IDBI.

ABOUT THE AUTHOR

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