The government has received multiple preliminary bids for strategic sale of about 61 per cent stake in IDBI Bank. The transaction will now move to the second stage in which the potential bidders will conduct due diligence before putting financial bids. The government and LIC together are looking to sell 60.72 per cent in IDBI Bank and had invited bids from potential buyers in October.
The last date for submitting Expression of Interest (EoI) or preliminary bids was set at December 16, which was later extended to January 7. Currently, the government and the Life Insurance Corporation (LIC) hold 94.71 per cent in the lender. The successful bidder will have to make an open offer for acquisition of 5.28 per cent of public shareholding.
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