Home / Economy / News / India pushing for valuation of $7.7 billion for state-owned IDBI Bank

India pushing for valuation of $7.7 billion for state-owned IDBI Bank

India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd. in what could be the biggest sale of the government's stake in a lender in decades

Premium

Photo: Bloomberg

3 min read Last Updated : Oct 21 2022 | 4:59 PM IST

India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd. in what could be the biggest sale of the government’s stake in a lender in decades, according to a person familiar with the matter.

The government earlier this month invited bidders for a 60.72% stake in the Mumbai-listed lender. The valuation target means the administration is seeking a premium of roughly 33%, based on IDBI Bank’s market value of about $5.8 billion as of Thursday close.

Shares of IDBI Bank rose as much as 3% on Friday after the Bloomberg News report.

Topics : IDBI Bank IDBI stake sale indian government economy Top 10 headlines Indian Banks

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in