Process of privatization of Industrial Development Bank of India continues: DIPAM Secretary

New Delhi, Mar 17, (Fast Mail News):-- The process of disinvestment of Industrial Development Bank of India (IDBI) is going on as per the strategic sale plan laid down. Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, gave this information by tweeting.

Pandey tweeted on Friday that the process of selling stake in the bank is on track. The disinvestment process of IDBI is going on as per the laid down strategic sale process. He denied media reports that IDBI disinvestment may be postponed.

Tuhin Kant Pandey said the stake sale in the bank has moved past the expression of interest (EoI) stage. After receipt of various EOIs, the transaction is now progressing as per the laid down process. The central government had received several bids in the initial round in January for strategic sale of about 61 per cent stake held by it and LIC in IDBI.

It may be noted that bids were invited from potential buyers in October to save a total of 60.72 per cent stake in public sector IDBI, including 30.48 per cent of the central government and 30.24 per cent of LIC. At present, both the government and LIC together hold 94.72 per cent stake in the bank, of which 61 per cent is to be sold.

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