Government extends bidding deadline for IDBI Bank sale to January 7

14 Dec 2022 , 01:57 PM

The government extended the deadline for submitting initial bids for the privatization of IDBI Bank on Wednesday to January 7. A possible buyer’s offer was requested in October as the government and LIC sought to sell 60.72 % of IDBI Bank. Expressions of interest (EoI) and preliminary bids have until December 16 to be submitted.

The deadline for submitting an expression of interest has been changed from December 16th, 2022, to January 7th, 2023, according to a notice from the Department of Investment and Public Asset Management (DIPAM).

Additionally, December 23 to January 14 is now the deadline for submitting physical copies of the EoIs. The state owns 60.72 % of IDBI Bank, which is currently held by the government and the Life Insurance Corporation (LIC) at a stake of 94.71 %. The winning bidder must make an open offer to purchase 5.28 % of the public shares.

The winning bidder must lock in at least 40% of the equity capital for five years after the acquisition date. The price of an IDBI Bank share was Rs 57.15, down 1.64 percent from the previous BSE close.

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