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Sumitomo Mitusi, others interested in buying government's stake in IDBI

29 Nov 2022 , 12:01 PM

According to people familiar with the matter, Sumitomo Mitsui Financial Group and one other global bank are among five potential investors who have sought information from the Centre about the sale of state equity in IDBI Bank via a formal query process that ended on November 10.

According to sources, the other players who sought information through the query process included a non-bank finance company (NBFC) and global investment firms.

To be sure, the people aware of the developments cautioned that there is no guarantee that Sumitomo Mitsui Financial Group or any of the other companies seeking information will bid for IDBI Bank.

The sale of IDBI Bank commenced on October 7, following the issue of a preliminary information memorandum by the finance ministry. The government of India and the Life Insurance Corporation of India (LIC) are jointly selling a 60.72% stake in the bank’s equity.

Expressions of interest (EoIs) or initial bids must be submitted by December 16.

In April, when the government held roadshows to market the transaction, potential bidders for the bank also raised queries via an informal mechanism. In April, virtual roadshows were followed by another round of physical roadshows in the United States.

The Centre also revealed that it has applied to have its shareholding reclassified as a public shareholder. Currently, the government and LIC own more than 94% stake in the bank. Both qualify as promoter shareholders.

Sumitomo Mitsui Financial Group has a presence in India via its subsidiary Sumitomo Mitsui Banking Corporation, which holds an Indian banking license. It also controls Fullerton India Credit Company, a non-bank finance company. It acquired the stake from Temasek in a deal worth more than $2 billion in July 2021.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • IDBI Bank News
  • IDBI Bank Stake Sale
  • IDBI Bank Stock
  • IDBI Bank Updates
  • LIC Stake Sale
  • Sumitomo Mitusi
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