IDBI Bank stake dilution for ceding mgt control to be fixed after roadshows

Lowering of stake by Centre and LIC to be decided post consultation with investors during roadshows, after which EoI document would be structured, says DIPAM Secy Tuhin Pandey

The quantum of stake dilution by the centre and Life Insurance Corporation of India (LIC) for ceding management control in IDBI Bank will be known post roadshows with investors, said Tuhin Kanta Pandey, secretary of Department of Investment and Public Asset Management (DIPAM).

The lowering of stake by the Centre and LIC would be decided post consultation with investors during roadshows, and then the expression of interest (EoI) document would be structured, Pandey said.

The centre holds 45.48 per cent stake in the bank, while LIC holds a 49.24 per cent stake. When the Cabinet Committee on Economic Affairs (CCEA)