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The central government can sell strategic stack cell in IDBI Bank by October. In fact, the government has set a target of October to complete the long -pending strategic disinvestment in IDBI Bank. According to Bussiness report, 2 senior government sources have confirmed this, and said that dialects will be called soon in the final phase of the bid process.

A senior government source said, “The stake cell at IDBI Bank will be completed by October and it will be finalized.” This news has come to light at a time when the draft of the share purchase agreement (SPA) was discussed in the meeting held on 9 July by the Inter-Menristial Group on disinvestment. The agreement is associated with the terms of sales of the bank, management transfer and regulatory approvals. It will now be sent to the Core Group of Secretaries and Minister of Finance Minister headed by Finance Minister.

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How many shares will the government and LIC sell?

Government and LIC will sell 60.72% stake in IDBI Bank. Currently, the government has 30.48% shares and LIC has 49.24% shares. The RBI declared IDBI Bank as private sector bank in 2019, but the government and LIC still continue to control.

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Big change in banking sector

If the deal is completed by October, it will be the first major privatization deal of a government bank. This will open the path of disinvestment of other PSU banks in future. The government aims to reduce its stake in the banking sector, and the sale of IDBI Bank is considered an important step in this direction.

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Large stake of government and LIC

Earlier too, the news of the introduction of strategic investment in IDBI Bank had gained momentum in this bank’s shares on 26 June. However, today IDBI Bank shares are trading at Rs 99.60 with a slight fall.

Explain that the Central Government and LIC Bank have a major stake in IDBI Bank. The government has set a target to raise up to Rs 50000 crore by selling its steak. Under this disinvestment, 60.72 percent stake of IDBI Bank will be sold.

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