Govt extends deadline for IDBI Bank sale

The government and LIC together are looking to sell 60.72 per cent of IDBI Bank. The bidders were asked to submit preliminary bids by December 16.

Following that transaction advisors received requests for an extension of the deadline.

In a notice, the Department of Investment and Public Asset Management (DIPAM) said the last date for submission of EoI is January 7, 2023, instead of December 16, 2022.

Also, the last date for submission of physical copies of the EoIs has been extended on January 14, from December 23.

The government and the Life Insurance Corporation (LIC) hold 94.71 per cent of IDBI Bank and are looking to offload 60.72 per cent in the state-owned bank. The successful bidder will have to make an open offer of acquisition of 5.28 per cent of the public shareholding.

Earlier, DIPAM had said that the potential buyers should have a minimum net worth of ₹22,500 crore and must report a net profit in three out of the last five years to qualify to bid for the bank. In addition, a maximum of four members would be permitted in a consortium.