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The brand of IDBI Bank is seen on the facade of its headquarters in Mumbai, India, April 18, 2023. REUTERS/Niharika Kulkarni/File Photo Acquire Licensing Rights
Nov 21 (Reuters) – The Indian authorities has cancelled the bidding course of to rent an asset valuer for its deliberate IDBI Bank (IDBI.NS) share sale, in line with a press release.
The authorities will invite recent bids to pick a valuer for its stake within the lender, mentioned a press release from the Department of Investment and Public Asset Management on Tuesday.
The authorities gave no cause for the transfer.
India is seeking to offload its 30.48% stake in IDBI Bank, whereas Life Insurance Corp (LIC) (LIFI.NS) of India will promote a 30.24% shareholding. Presently, the Indian authorities and LIC collectively personal about 95% of IDBI Bank.
The authorities had invited bids to nominate a valuer on Sept. 1, and final month relaxed the standards to nominate such intermediaries after the situations have been discovered to be stringent.
The Indian authorities shouldn’t be anticipating to conclude the sale of IDBI Bank by the top of the present monetary yr on March 31, 2024, Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management told reporters final week.
Reporting by Nikunj Ohri in New Delhi and Nilutpal Timsina in Bengaluru
Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
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