Privatization of IDBI Bank likely to be completed by September 2023

11 Oct 2022 , 08:19 AM

By September of next year, the privatization of IDBI Bank should be complete.

By March, financial offers for the sale will be requested, and the process is anticipated to be finished by September 2023.

Last Monday, the Union Government and the Life Insurance Corporation (LIC) issued an invitation for preliminary bids for the sale of a 60.72% share in IDBI Bank. The Expression of Interest (EOI) submission date is December 16.

Qualified bidders will be granted access to the data room once the EoIs are received, the interested firms pass RBI’s “Fit and Proper” evaluation, and they receive security clearance from the Ministry of Home Affairs (MHA). Only after conducting due diligence would bidders submit financial offers.

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