CCEA gives in-principle approval for strategic divestment and transfer of management control in IDBI Bank

Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Govt. of India (GoI) vide their email dated 05 May 2021 has informed that Cabinet Committee on Economic Affairs has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank.

LIC's Board has also passed a resolution to the effect that LIC may reduce its shareholding in IDBI Bank through divesting its stake along with strategic stake sale envisaged by the Govt. with an intent to relinquish management control and by taking into consideration price, market outlook, statutory stipulation and interest of policy holders. This decision of LIC's Board is also consistent with the regulatory mandate to it to reduce its stake in the Bank.

 

The extent of respective shareholding to be divested by GoI and LIC shall be decided at the time of structuring of transaction in consultation with RBI.

The extent of respective shareholding to be divested by GoI and LIC shall be decided at the time of structuring of transaction in consultation with RBI.

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