Bank Privatisation: According to a recent update, let us tell you that the Central Government is preparing to sell about 61 percent stake in IDBI Bank in collaboration with insurance company LIC. According to the report, the Central Government will sell 30.48 percent stake and Life Insurance Corporation of India (LIC) will sell 30.24 percent stake.
Khabar TV (Bureau) – IDBI Bank privatisation: Amidst the news of handing over to private hands, the shares of IDBI Bank have fallen. On Thursday, the bank’s shares fell by 3.54 percent. The Reserve Bank of India has investigated the investors who have bid to buy IDBI Bank. After this clearance, the way for privatisation of IDBI Bank has been cleared.
Sources familiar with the matter say that the RBI has completed the review of potential buyers of IDBI Bank and has approved Fairfax Financial Holdings, Emirates NBD and Kotak Mahindra Bank as bidders. However, no comment has been made on this deal by the Finance Ministry, RBI, Fairfax Financial Holdings, Emirates NBD and Kotak Mahindra Bank.
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The Government of India holds 45.48 percent stake in IDBI Bank. At the same time, Life Insurance Corporation of India (LIC), owned by the Government of India, holds 49.24% stake.
The government is preparing to sell about 61 percent stake in IDBI Bank in collaboration with insurance company LIC. According to the report, the central government will sell 30.48 percent and Life Insurance Corporation of India (LIC) will sell 30.24 percent stake. The sale process was first announced in 2022.
At present, the government and LIC together hold a total stake of 94.72 percent in IDBI Bank. After privatization, this stake will be reduced to 34 percent. The government has set a budgetary target of raising Rs 50,000 crore from disinvestment and monetization of assets in the current financial year.
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The upward trend continued in the stock market for the fifth consecutive day. But amid the news of selling, IDBI Bank’s stock recorded a huge decline. On Thursday, IDBI Bank’s stock closed at Rs 100.01, down 3.67 percent.
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