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IDBI Bank privatisation: Govt, LIC together to sell 60.72% majority stake

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The government on Friday invited bids from investors for privatising by selling a total of 60.72 per cent stake in the bank.


The last date for submission of bids or Expression of Interest (EoI) is December 16.




Currently, Life Insurance Corporation (LIC) holds 529.41 crore shares representing 49.24 per cent stake in IDBI Bank, while the government holds 488.99 crore shares or 45.48 per cent stake.



Of this, the government will sell 30.48 per cent and will sell 30.24 per cent stake, aggregating to 60.72 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank, Department of Investment and Public Asset Management (DIPAM) said while inviting bids.



Shares of closed at Rs 42.70, up 0.71 per cent over previous close on the BSE. At the current market price, the 60.72 per cent stake would be valued at over Rs 27,800 crore. 




 



 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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