
IDBI Bank divestment on track: Govt
The central government and LIC together plan to sell 60.72% of shares in IDBI Bank.
The central government and LIC together plan to sell 60.72% of shares in IDBI Bank.
SEBI has given nod to reclassification of the government’s shareholding in IDBI Bank as ‘public’ post its stake sale in the lender.
The market regulator has also directed the new buyer to comply with minimum public shareholding norms within one year of the sale.
The DIPAM on Wednesday extended the deadline to submit bids for the privatisation of IDBI Bank to January 7, 2023, from December 16, 2022.
LIC stock trades 0.29% down a day after it announced its shareholding in Power Grid has diluted from 5.303% to 3.3%.
The Centre has invited EoI to kickstart the IDBI Bank sale process, and both govt and LIC aim to divest a little over 30% stake each in the bank.
Government as well as LIC will sell a little over 30% stake each in the bank along with the transfer of management control.
Poor due diligence and planning led to the calling-off of privatisation at BPCL, CEL, Pawan Hans
The Sensex and Nifty are poised to open sharply lower on Thursday, in line with global equities as the U.S. Fed continued its hawkish policy stance to fight inflation.
Tuhin Kanta Pandey says the Centre is preparing an expression of interest, following which preliminary bids will be invited from investors.