The government has invited bids for privatising IDBI Bank and it together with LIC will sell a total of 60.72 per cent stake in the financial institution. As per the Department of Investment and Public Asset Management (DIPAM), the potential investor should have a minimum net worth of Rs 22,500 crore, must report net profit in three out of the past five years to be eligible for bidding for IDBI Bank.
Also, a maximum of four members would be allowed in a consortium. The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for five years from the date of acquisition.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
