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Reserve Bank begins evaluating five potential bidders for IDBI Bank
April 14, 2023
The Reserve Bank of India (RBI) has begun evaluating at least five potential bidders interested in picking up a majority stake in state-owned IDBI Bank Ltd, three people familiar with the matter told Reuters.
Kotak Mahindra Bank, Prem Watsa-backed CSB Bank and Emirates NBD are among those that have submitted expressions of interest, two of the people said, speaking on condition of anonymity because the talks are confidential.
Reuters was unable to confirm the names of the other potential bidders.
The RBI, Finance Ministry, IDBI, Kotak Mahindra Bank, CSB Bank did not respond to requests for comment. A spokesperson for Emirates Bank declined to comment.
The stake sale in the lender is the first major divestment across state-owned banks as part of a broader privatisation plan and could fetch the government 300 billion Indian rupees ($3.66 billion) at the current market valuation.
The government owns 45.48% of IDBI Bank, and is looking to divest a 30.48% stake in the lender, alongside state-owned Life Insurance Corp of India (LIC), which will sell 30.24% from its 49.24% holding in the bank.
Expressions of interest – the first step in the stake sale process – closed in January, the three people said.
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