IDBI bank, share sale appraiser auction cancelled

IDBI Bank, The central government has abolished the auction process of appointing a valuer for sale of shares.

IDBI Bank

IDBI Bank disinvestment latest News

The central government and LIC own 95 percent of the shares of IDBI Bank, which is headquartered in Mumbai.

In this case, LIC holds 30.48 percent shares of the government. It has also been decided to sell 30.24 percent shares.

IDBI Bank is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It offers a wide range of products and services, such as savings and current accounts, loans, mobile banking, bill payment, etc.

The central government has decided to sell its 45.48% stake in IDBI Bank to a strategic partner, along with the transfer of management control. For this purpose, the government had issued a request for proposal (RFP) for engagement of an asset valuer on September 01, 2023. However, on November 20, 2023, the government issued a corrigendum IV, stating that the auction process for selecting the asset valuer has been abolished and the valuer will be appointed through direct negotiation.

The reason for this change is not clear, but some sources suggest that it is due to the lack of response from the eligible bidders. The government has also extended the last date for submission of bids for the asset valuer to November 30, 2023.

The strategic disinvestment of IDBI Bank is expected to fetch around Rs 40,000 crore to the government and help it meet its fiscal deficit target. It is also seen as a move to improve the efficiency and governance of the bank, which has been under the Reserve Bank of India's prompt corrective action framework since 2017..

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