New Delhi: The government will soon invite preliminary bids from investors for the IDBI Bank stake sale and is working on the Expression of Interest (EoI) document, said Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management (DIPAM). “We have been at it for quite some time. It is also a first-of-its-kind transaction where, through a bidding route, we will be privatising a bank,” he said while addressing the ‘Ficci CAPAM 2022 – 19th Annual Capital Markets Conference’ on Wednesday.
The government and Life Insurance Corporation of India together hold 94% in IDBI Bank.
The Cabinet Committee on Economic Affairs gave in principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021.
Since IDBI Bank had come out of the Prompt Corrective Action (PCA) framework, its performance has improved, which would generate greater interest among investors, he added.