IDBI Bank Strategic Sale: Govt Receives Financial Bids, Evaluation Underway

• The government has received financial bids for the strategic disinvestment of IDBI Bank, as confirmed by DIPAM Secretary Arunish Chawla.
• The bids will now undergo evaluation according to the prescribed procedure.
• The privatization process, pending for over three years, involves selling a total of 60.72% stake, including 30.48% from the central government and 30.24% from LIC.
• Multiple Expressions of Interest (EoIs) were received for IDBI Bank following the invitation in October 2022.
• Prospective buyers have already received security clearance from MHA and fit and proper evaluation from RBI; a reserve price will be fixed before opening sealed bids.