A major decision has been taken by the government regarding the privatization of banks. The government is planning for the privatization of banks and there is a plan to sell stake in many banks. Finance Minister Nirmala Sitharaman has given information about this. The government has taken a big decision regarding the privatization of IDBI Bank.
The central government has extended the deadline for filing initial bids for the privatization of IDBI Bank to January 7. The government and LIC want to sell their 60.72 per cent stake in IDBI Bank. For this, IDBI Bank had invited bids from potential buyers in October. The last date for filing expression of interest or initial bid was December 16.
The transaction advisors had received some requests for extension of timelines following which the decision was taken. The Department of Investment and Public Asset Management (DIPAM) has said in a notice that now the last date for submission of letter of interest (EoI) has been extended from December 16, 2022 to January 7, 2023. The last date for submission of copies of EOI was also extended from 23rd December to 14th January.
Let us tell you that Carlyle Group, Fairfax Financial Holdings and DCB Bank are showing great interest in buying this bank. In the midst of this news, a strong rise was seen in the shares of the bank on Wednesday. According to information received from sources, all of them can bid for about 10 per cent stake in IDBI Bank. PLC/GT