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Govt invites bids to sell 60.7% stake in IDBI Bank

Sixsense News by Sixsense News
October 7, 2022
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The Centre on Friday invited Expression of Interest (EoI) for the privatisation of and has set December 16 as the last date to submit the bids.

The government will divest a 30.48 per cent stake in the lender and the Life Insurance Corp of India (

) will sell a 30.24 per cent stake.

The Cabinet Committee of Economic Affairs had given in-principle approval for the strategic disinvestment of IDBI Bank in May 2021.

The government owns a 45.48 per cent stake in the public sector lender, while LIC holds a 49.24 per cent stake. LIC is currently the promoter of the bank.

The Centre aims to raise Rs 65,000 crore through divestment in 2022-23 (April-March), of which, it has raised about Rs 24,500 crore so far.

Tags: BankbidsgovtidbiinvitesSellstake

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