iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

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
sidebar mobile


Read More

Most Read News

Indices end the day in red
21 Jun 2024|07:00 PM
Zepto raises $665 million
21 Jun 2024|07:01 PM
Market Update: Nifty and Sensex Dip
21 Jun 2024|01:47 PM
Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.