The central government is expected to launch a bidding process next month to privatize IDBI Bank.
A senior federal government official said:
Another phase of negotiations with the Reserve Bank is required to privatize IDBI Bank. As a result, the federal government is likely to solicit bids from companies interested in buying the bank by the end of July.
In addition, the central government’s stake in IDBI Bank is 45.48 per cent and that of LIC is 49.24 per cent. Of these, Ava said no final decision has yet been made on how many shares to sell.
In May last year, the Cabinet Committee on Economic Affairs approved in principle the transfer of management control of IDBI Bank and the sale of shares.
