IDBI Bank privatization on track: DIPAM

Putting an end to media reports's claim of pausing the IDBI deal, The government declared that the disinvestment of IDBI Bank is proceeding according to the established strategic sale procedure.

The Department of Investment and Public Asset Management (DIPAM) refuted media reports that suggested there might be a chance of delaying the disinvestment of IDBI Bank and stated that the stake sale is currently in the post-EoI stage.

DIPAM Secretary Tuhin Kanta Pandey tweeted, "The transaction continues to be on track as per the specified procedure in post-EoI stage following receipts of multiple EoIs.

The government and the LIC got numerous Expressions of Interest (EoI) for the sale of the approximately 61% in IDBI Bank that they are jointly selling.

DIPAM, which oversees the government's share in state-owned businesses, issued an invitation for expressions of interest in selling a 30% in IDBI Bank and LIC's 30% in the bank in October of last year.

Together, the government and LIC own 94% of IDBI Bank, which will decrease to 34% following the strategic sale.