8 law firms in race to advise on sale of govt's 45.48% stake in IDBI Bank

About eight law firms are in the race to advise the government in the strategic disinvestment of IDBI Bank.

These law firms will make a presentation before the Inter-Ministerial Group (IMG) chaired by DIPAM Secretary on Wednesday, and one firm would be selected as the legal advisor.

The law firms that are in the race include Crawford Bayley, L&L Partners, Link Legal, S&R Associates, Saraf and Partners, S&G Partners, Surana & Surana and Trilegal.

The government is looking to sell its 45.48 per cent shareholding in IDBI Bank. Life Insurance Corporation of India (LIC), which owns 49.24 per cent, will also offload its stake to transfer management control to the new buyer.

The government is seeking to appoint a legal advisor who will review and advise on all legal contracts, including titles of property assets, intellectual property rights, loan agreements, and contracts with employees. They would also advise the government on the regulatory norms, and assist in obtaining approval and exemptions from all applicable regulatory agencies including Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI). Legal advisors had to submit their bids to Department of Investment and Public Asset Management (DIPAM) by July 22.