Govt extends timeline to submit EoI for IDBI Bank stake by 3 weeks

The government has extended the timeline to submit expressions of interest (EoI) for buyout of its 60.7% stake in IDBI Bank by 3 weeks.

The last date for submission of bids is now January 7 against previously fixed December 16.

In October, the Centre had invited EoI for the privatisation of IDBI Bank. The government will divest a 30.48% stake in the lender and the Life Insurance Corporation of India (LIC) will sell a 30.24% stake.

The government currently owns 45.48% stake in the public sector lender, while LIC holds a 49.24% stake. LIC is currently the promoter of the bank.

The Centre aims to raise Rs 65,000 crore through divestment in 2022-23 (April-March), of which, it has raised about Rs 24,500 crore so far.

Shares of IDBI fell 1.4% on the NSE to close at Rs 57.30 on Wednesday.

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