The government is now planning to invite expressions of interest (EoIs) in May for selling its stake in IDBI Bank and expects to complete the disinvestment process in the current financial year 2022-23, according to sources. They said roadshows for the IDBI Bank divestment are not over yet.
Earlier, the government’s plan was to invite EoIs for the privatisation of IDBI Bank in April. “The government is now planning to invite expressions of interest (EoIs) in May,” the sources told CNBC-TV18. They said the government is still aiming to complete the IDBI Bank privatisation in FY23 and it will happen within the extant RBI framework.
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The Reserve Bank of India’s (RBI) rules do not include corporate houses as bidders/ promoters of banks.
Through the divestment, the government is planning to sell its entire 45.48 per cent stake. The government may also look to sell around a 26 per cent stake in the bank, along with management control to attract investors.
