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Currently, the Union government and LIC together own 94.71% stake in the bank

IDBI Bank privatisation: RBI starts evaluating potential bidders

Currently, the Union government and LIC together own 94.71% stake in the bank

In a major move towards its broader privatisation plan, the Reserve Bank of India has begun evaluating at least five potential bidders interested in picking up a majority stake in state-owned IDBI Bank, as per Reuters report. As per Reuters, Kotak Mahindra Bank, Prem Watsa-backed CSB Bank and Emirates NBD are among those that have shown interest.&nbsp; This stake sale would be the first major divestment across state-owned banks as part of a broader privatisation plan and could fetch the government $3.66 billion at the current market valuation. The Union government and LIC together own 94.71% stake in the bank. The government owns 45.48% of IDBI Bank and is planning to divest a 30.48% stake in the bank. Whereas insurance major Life Insurance Corp of India (LIC) plans to see a 30.24% of its stake from its holding of 49.24% in the bank.

The government on Friday said the disinvestment of IDBI Bank is on track as per the defined strategic sale process. The Department of Investment and Public Asset Management (DIPAM) said the stake sale is in the post-EoI stage.

IDBI Bank privatisation on track: DIPAM

IDBI Bank privatization on track: DIPAM

Refuting reports of possible delays in the disinvestment of IDBI bank, the government said things are on track as per the defined strategic sale process and that DIPAM is in process with stake sale at the post-EoI stage.

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.&nbsp;

The govt has approved strategic sale of stakein&nbsp;IDBI&nbsp;bank to handover the charge to a new promoter.&nbsp;The government holds 45.48 per cent in&nbsp;IDBI Bank&nbsp;while LIC holds 49.24 per cent. It was however not clarified how much stake each would sell.&nbsp;A govt official told Business Standard "A new buyer acquiring the government&rsquo;s entire stake in the bank would have still left LIC as a co-promoter or a majority shareholder, affecting key decisions. DIPAM will now scout for a buyer that will have to meet the RBI&rsquo;s fit and proper criteria"LIC&nbsp;had invested into IDBI&nbsp;in 3 tranches&nbsp;in FY19 at an average cost of Rs 60/share, the current market price for the company is significantly lower which will lead to a hit to the insurers investment.&nbsp;

LIC & Govt to sell stakes in IDBI Bank, LIC to take hit on investment

The govt has approved strategic sale of stakein&nbsp;IDBI&nbsp;bank to handover the charge to a new promoter.&nbsp;The government holds 45.48 per cent in&nbsp;IDBI Bank&nbsp;while LIC holds 49.24 per cent. It was however not clarified how much stake each would sell.&nbsp; A govt official told Business Standard "A new buyer acquiring the government&rsquo;s entire stake in the bank would have still left LIC as a co-promoter or a majority shareholder, affecting key decisions. DIPAM will now scout for a buyer that will have to meet the RBI&rsquo;s fit and proper criteria" LIC&nbsp;had invested into IDBI&nbsp;in 3 tranches&nbsp;in FY19 at an average cost of Rs 60/share, the current market price for the company is significantly lower which will lead to a hit to the insurers investment.&nbsp;

<ul>
<li>Cabinet gives not to stake in IDBI&nbsp;Bank</li>
<li>Govt and LIC to sell stake in IDBI&nbsp;Bank from current 95%</li>
<li>LIC&nbsp;as per IRDAI&nbsp;mandate has to reduce stake &lt; 15%</li>
<li>LIC&nbsp;currently holds 49% stake in IDBI&nbsp;Bank&nbsp;</li>
<li>LIC&nbsp;would likely remain co-promoter in bank&nbsp;</li>
<li>LIC&nbsp;had invested in IDBI&nbsp;@ Rs 60/average&nbsp;</li>
</ul>

The govt has approved strategic sale of stakein&nbsp;IDBI&nbsp;bank to handover the charge to a new promoter.&nbsp;The government holds 45.48 per cent in&nbsp;IDBI Bank&nbsp;while LIC holds 49.24 per cent. It was however not clarified how much stake each would sell.&nbsp; A govt official told Business Standard "A new buyer acquiring the government&rsquo;s entire stake in the bank would have still left LIC as a co-promoter or a majority shareholder, affecting key decisions. DIPAM will now scout for a buyer that will have to meet the RBI&rsquo;s fit and proper criteria" LIC&nbsp;had invested into IDBI&nbsp;in 3 tranches&nbsp;in FY19 at an average cost of Rs 60/share, the current market price for the company is significantly lower which will lead to a hit to the insurers investment.&nbsp;

The government also plans stake sales in IDBI Bank, Central Bank of India and Punjab & Sind Bank, as per the report.

Union Budget 2021: Modi Government may announce stake-sale plans in LIC, IDBI Bank

The government may announce to sell a 10-15% stake in the country's biggest insurer Life Insurance Corporation or LIC&nbsp;in next week's union budget, as part of a privatisation push to improve public finances, government sources told&nbsp;Reuters.
The government had announced plans to sell its stake in LIC last year but it got delayed by legal and administrative hurdles, the report said.
The government also plans stake sales in IDBI Bank,&nbsp;Central Bank of India&nbsp;and Punjab &amp; Sind Bank, as per the report.
Together, the plan is to raise up to ₹3 lakh&nbsp;crore&nbsp;in the next financial year, partly to set off the shortfall in the proceeds this year.

Budget 2021: Govt may announce stake-sale plans in LIC, IDBI Bank

The government may announce to sell a 10-15% stake in Life Insurance Corporation in next week's union budget, as part of a privatisation push to improve public finances, as per a Reuters report. The government also plans stake sales in IDBI Bank,&nbsp;Central Bank of India&nbsp;and Punjab &amp; Sind Bank. Together, the plan is to raise up to ₹3 lakh&nbsp;crore&nbsp;in the next financial year, partly to set off the shortfall in the proceeds this year.

The government may announce to sell a 10-15% stake in the country's biggest insurer Life Insurance Corporation or LIC&nbsp;in next week's union budget, as part of a privatisation push to improve public finances, government sources told&nbsp;Reuters.
The government had announced plans to sell its stake in LIC last year but it got delayed by legal and administrative hurdles, the report said.
The government also plans stake sales in IDBI Bank,&nbsp;Central Bank of India&nbsp;and Punjab &amp; Sind Bank, as per the report.
Together, the plan is to raise up to ₹3 lakh&nbsp;crore&nbsp;in the next financial year, partly to set off the shortfall in the proceeds this year.

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