Bank Privatisation: Big news is coming out about bank privatization. The central government is contemplating to sell the stake of IDBI Bank in the month of September. In the month of September, the government may invite preliminary bids to sell stake in IDBI Bank. The government is in discussion with RBI regarding stake sale, which is in the last stage.
Will sell stake in IDBI Bank
The central government can sell stake in IDBI Bank. Let us tell you that if you add both the Central Government and LIC, then both have 94 percent stake in IDBI Bank. There is a constant discussion about how much stake to be sold in IDBI Bank. It is believed that there is a lot of enthusiasm among investors about selling stake in IDBI Bank. The government expects that after the issuance of Expression of Interest (EOI), many types of information can be sought from the government by investors. The stake sale of IDBI Bank will be completed in the current financial year 2022-23.
The Cabinet Committee on Economic Affairs has given its in-principle approval for strategic disinvestment and management control in IDBI Bank in May 2021 itself. The government’s stake in IDBI Bank is 45.48 percent. At the same time, LIC holds 49.24 percent stake. It is believed that the government will sell some stake in IDBI Bank and LIC will sell some stake, along with management control will also be handed over to the buyer.
The government has set a target of collecting Rs 65000 crore from disinvestment in 2022-23. So far, the government has received Rs 24,644 crore through disinvestment.
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