Disinvestment New Delhi: The Centre has invited bids to choose an asset valuer for IDBI Bank acting on its plans to divest its stake in the lender.
The selected asset valuer will assess the bank's assets and provide support during the IDBI Bank stake sale process.
The Department of Investment & Public Asset Management (DIPAM), representing the Government of India (GoI) and LIC, is seeking the services of a respected asset valuation firm registered with the Insolvency & Bankruptcy Board of India (IBBI), DIPAM said in public notice.
“The Department of Investment & Public Asset Management (DIPAM), on behalf of Gol and LIC, wishes to engage the services of a reputed asset valuer entity - registered with Insolvency & Bankruptcy Board of India (IBBI), to act as the asset valuer for undertaking the IDBI Bank assets’ valuation and provide requisite assistance in the process of Strategic Disinvestment of IDBI Bank Limited, till the completion of the transaction,” DIPAM said in public notice.
The last date for bid submission is October 9.
The Preliminary Information Memorandum (PIM) for soliciting Expression of Interest (EOI) in the strategic disinvestment of IDBI Bank was released on October 7, 2022.
As of March 31, 2023, state-owned insurance behemoth LIC has a 49.24 percent stake in IDBI Bank, and the Centre has a 45.48 percent stake.
The government has expressed plans to offload 30.48 percent, and LIC wants to sell 30.24 percent, a total of 60.72 percent, along with the transfer of management control in IDBI Bank.
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