Gautam Adani will buy LIC and Central Government’s IDBI Bank

Another opportunity has been opened by the central government for Gautam Adani. Life Insurance Corporation and the central government have decided to sell their 60.72% stake in IDBI Bank. At present, both LIC and the central government hold around 94% in IDBI Bank. Out of which the central government holds 45.48% and LIC’s 49.24% as of June 30. According to the information, the central government has decided to sell its 30.48% stake in IDBI Bank. Whereas LIC will sell its 30.24% stake. This will be the first attempt to privatize a public sector bank in India.

If media circles are to be believed, then IDBI Bank will now be a part of some company of Gautam Adani, it is just a speculation right now.

The last date and time for submission of Expression of Interest for IDBI Bank is 16th December. EoIs will be valid for 180 days. It can also be extended for another 180 days. “Expression of interest is invited for transfer of management control with strategic disinvestment of specific Government of India and LIC stake in IDBI Bank,” the Secretary, DIPAM tweeted. Disinvestment here means liquidation and sale of assets owned by the government. PLC/GT


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