1 Sep 2022 , 02:43 PM
The central bank has also decided to undertake a ‘fit and proper’ check for those who submit an expression of interest, on the request of investment and public asset management (DIPAM). This will be done before inviting bids from only those who make the cut.
Government believes that the bank has been reorganized and holds a strong investment opportunity for potential investors. Following recent roadshows, it anticipates considerable investor interest. In reality, some of the exemptions sought are a result of input received during these interactions.
According to statistics from the Bombay Stock Exchange, LIC owns a 49.2% stake in the company, while the government owns 45.5%.
The RBI’s standards require a minimum initial lock-in of 40% of the bank’s paid-up voting equity share capital throughout the first five years.
In the long term, the promoters might own up to 26% stake in the company. According to sources, the RBI is relying on its previous rules on stake disinvestment to create an exemption in the instance of IDBI Bank, albeit corporate entities would not be permitted to participate in the process.
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