The Government has begun the process of selling its stake in IDBI Bank. The Department of Investment and Public Asset Management has issued a request for proposal for a transaction adviser to advise it on the proposed sale of government stake and also transfer of management control in IDBI Bank.
Several Criteria have been brought in to be satisfied for completion of the eligibility which include:
- Bidders should have completed at least one transaction of strategic disinvestment
- Strategic sale or merger and acquisition of Rs. 5,000 crore or more between April 2016 and March 2021 should be confirmed.
- The last date for submission of application is July 13, 2021.
The Department of Investment and Public Asset Management (DIPAM) has also barred public sector banks, from participation as bidders to buy IDBI Bank in the transaction process. Subsidiaries of IDBI Bank viz IDBI Capital markets cannot participate as bidders either for transaction advisors.
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