Bank Privatization Update: Privatization process of another bank has been accelerated by the government. Under this, bids have been invited for the appointment of asset valuer.
Bank Privatization News: Many banks have been privatized by the Central Government (Bank Privatization update) and now the government (Modi government) is moving towards selling another bank. The process of selling IDBI Bank has been accelerated by the government. Under this, bids have been invited for the appointment of asset valuer.
Selling 61 percent stake
According to the information received from the report, the government is selling about 61 percent stake in IDBI Bank in collaboration with LIC and for this it has received several expressions of interest (EoI).
Government and RBI are investigating the bids
The government and the Reserve Bank are currently examining the bids. Bidders will have to obtain necessary approvals from the government and RBI to proceed to the second phase of the bidding process.
Care is being taken by Deepam
The Department of Investment and Public Asset Management (DIPAM), on behalf of the Government of India and LIC, on Monday issued RFP (Request for Proposal) to appoint a reputed asset valuer entity registered with the Insolvency and Bankruptcy Board of India (IDBI). .
Last date is 9th October
Let us tell you that the selected entity will be entrusted with the responsibility of evaluating the assets of IDBI Bank and helping in strategic disinvestment. The last date for bid submission is October 9.
Who can bid?
Let us tell you that the government and LIC have stake in IDBI Bank. Apart from this, the successful bidder will have to make an open offer to acquire 5.28 percent of the public shareholding. Earlier DIPAM had told that whoever wants to bid should have a minimum net worth of around Rs 22,500 crore. Along with this, the bidder should have net profit in 3 years out of the last 5 years.
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