Idbi Bank Deal

Fairfax leads race to acquire majority stake in IDBI Bank from govt, LIC

Fairfax has moved ahead in the race to buy a majority stake in IDBI Bank, with Kotak Mahindra Bank still in the fray as the government and LIC prepare to finalise bids for the lender's sale

Govt may seek bids for $7 bn IDBI Bank stake, advancing privatisation push

A government agency is expected to formally open the bidding process as soon as this month, in what could be the biggest state-backed disposal of a bank stake in decades

IDBI Bank divestment likely to close this FY: Dipam Secy Arunish Chawla

Dipam Secretary Arunish Chawla said IDBI Bank privatisation should conclude by March 2026 as bidders complete due diligence, with FY26 disinvestment proceeds set to exceed targets

IDBI Bank rallies 5%, hits 11-month high; stock rises for 7th straight day

According to reports, the Government could soon finalise a share purchase agreement with potential buyers for the divestment of IDBI Bank

What's driving IDBI Bank shares higher? Stock zooms 36% in 4 weeks

IDBI Bank share price gained 4 per cent today to hit a high of ₹104.40 on the BSE in Thursday's intraday trade. The stock is trading close to its 52-week high level of ₹107.98

Asset valuer selected for IDBI Bank; govt finalising share pact: Dipam secy

DIPAM Secretary Arunish Chawla on Wednesday said the government has appointed asset valuers for valuation of IDBI Bank and is also deliberating on share purchase agreement to be signed with prospective buyer. The privatisation of IDBI Bank has been in process for over two and a half years. In October, 2022, when the government, together with LIC, had invited EoI from investors for privatising IDBI Bank by selling a total of 60.72 per cent stake. This includes a 30.48 per cent stake of the Government of India and 30.24 per cent of LIC. Talking to reporters, Chawla said the Department of Investment and Public Asset Management (DIPAM) is "moving ahead" with IDBI Bank strategic sale as per government decision. "We have established a virtual data room. The facility to answer query is going on well and we have appointed an asset valuer. We are also deliberating on shareholder agreement," Chawla said. "The strategic sale of IDBI Bank should conclude in another 6-7 months," an official sai

Due diligence of IDBI Bank's qualified bidders underway: MoS Finance

The due diligence of qualified bidders for IDBI Bank, which is up for privatisation, is underway, Minister of State for Finance Pankaj Chaudhary said on Monday. The government, along with LIC, is selling nearly 61 per cent stake in IDBI Bank. This includes a 30.48 per cent stake of the Government of India and 30.24 per cent of LIC. In January 2023, the Department of Investment and Public Asset Management (DIPAM) received multiple Expressions of Interest (EoI) for buying stake in IDBI Bank. "After security clearance by Ministry of Home Affairs (MHA) and fit and proper evaluation by the Reserve Bank of India (RBI), the due diligence by the qualified bidders is being done," Chaudhary said in a written reply in the Lok Sabha. After the required clearances, investors would get access to the data room and a due diligence process will be initiated. At present, the government holds 45.48 per cent in IDBI Bank, while LIC's shareholding is 49.24 per cent. To a question on whether the gover

Budget could stick to Rs 50,000 cr asset-sale, monetisation targets

IDBI stake sale could spill over to the next fiscal year

Govt to complete IDBI Bank strategic sale in FY25: Dipam Secy Pandey

The government expects to complete the strategic sale of IDBI Bank in the next financial year, a senior official said. In an interview to PTI TV, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the process of privatisation of IDBI Bank is on and once the regulator clearance is obtained, financial bids will be invited. Asked if the strategic sale would be completed in the next fiscal, Pandey said "Yes, of course". The government along with LIC is selling nearly 61 per cent stake in IDBI Bank and had in October 2022, invited bids from buyers. In January 2023, DIPAM said it had received multiple Expressions of Interest (EoI) for buying a stake in IDBI Bank. The bidders who have shown interest through EoI have to get two sets of clearances -- one from the home ministry for security clearance and the other from the Reserve Bank of India (RBI) for meeting the 'fit and proper' criteria.

Zee-Sony merger: NCLAT chairperson-led bench to hear appeals by Axis, IDBI

Appeals filed by Axis Finance and IDBI Bank against the merger of Zee Entertainment and Culver Max Entertainment, formerly Sony Pictures Networks India, before the appellate tribunal NCLAT, would now be heard by a bench presided by its chairperson. On Tuesday, the petitions filed by Axis Finance and IDBI Bank came up for hearing before a bench comprising Justices Anant Bijay Singh and Arun Baroka. However, it transferred both the petitions to the chairperson's bench. The bench opined that since the chairperson-led bench is already hearing an insolvency appeal filed by IDBI Bank against Zee Entertainment Enterprises Limited (ZEEL), it would be appropriate for the same bench to hear these petitions also. Earlier, both the petitions were listed before an NCLAT bench comprising Justices Rakesh Kumar and Alok Srivastava. Justice Rakesh Kumar resigned on Monday following contempt of court proceedings initiated against him by the Supreme Court in the Finolex matter. After this, the petit

IDBI Bank has deferred tax assets of Rs 11,520 cr, 120 properties: Govt

The government has informed the prospective asset valuers of IDBI Bank that the lender has deferred tax assets of Rs 11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai. In response to the pre-bid queries from prospective asset valuers of IDBI Bank, the Department of Investment and Public Asset Management (DIPAM) said the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad. Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad. The intangible on the balance sheet of IDBI Bank primarily comprises deferred tax assets of around Rs 11,520 crore, DIPAM said. Deferred tax asset commonly refers to overpayment of tax by an entity. Such excess tax paid can be adjusted against future tax dues. DIPAM further said the asset valuer shall further identify intangibles not on the IDBI Bank balance sheet like brand name, branch network and value them. The Terms of Reference for asset valuer

Moody's withdraws IDBI Bank's credit ratings for business reasons

Global credit rating agency Moody's Investors Service on Monday said it has withdrawn IDBI Bank Ltd's ratings for business reasons

Financial bids for IDBI Bank expected to come in by Sept: DIPAM Secy

The government is expecting to get financial bids for IDBI Bank's strategic sale by September, DIPAM Secretary Tuhin Kanta Pandey said. Several global and domestic institutions have expressed interest in buying about 61 per cent of the government and Life Insurance Corporation's (LIC) stake in IDBI Bank and had put in preliminary bids, the last date of which was January 7. Overall, we are looking at financial bids at least before second half (October-March) of next fiscal year, Pandey told PTI in an interview. The Department of Investment and Public Asset Management (DIPAM), which manages government holding in state-owned enterprises, had in October invited bids for selling 30.48 per cent stake in IDBI Bank, along with 30.24 per cent stake of LIC. The government and LIC together hold 94.72 per cent stake in IDBI Bank, which will come down to 34 per cent after the strategic sale. Talking about the way forward in the strategic sale, Pandey said the work on two set of clearances ...

Centre to fully exit IDBI Bank once it gets 'upside value': Dipam secy

It would make complete exit once it gets upside value on the remaining stake

Govt plans tax waivers for IDBI Bank buyer to attract more suitors: Report

The government's planned tax waiver will allow a potential buyer to avoid this levy

Govt may extend bid submission deadline for stake sale in IDBI Bank

January 2023 could be new date following requests from transaction advisor

IDBI Bank to stay pvt sector bank post-sale; govt's 15% as public holding

IDBI Bank will continue to operate as an 'Indian private sector bank' after its strategic sale and the government's residual 15 per cent stake in the lender post privatisation will be considered as 'public shareholding', the finance ministry said on Sunday. An 'appropriate dispensation' for the new owner to achieve minimum public shareholding (MPS) over an extended period is under consideration and the winning bidder will have no restriction on undertaking corporate restructuring of the subsidiaries of IDBI Bank, it added. These clarifications are part of the responses by the Department of Investment and Public Asset Management (DIPAM), under the finance ministry, to potential investors' pre-EoI queries. The government had on October 7 invited bids for privatising IDBI Bank and said that it together with LIC will sell a total of 60.72 per cent stake in the financial institution. The last date for putting in Expression of Interest (EoI) or preliminary bids is December 16. The ...

Top Headlines: Musk takes over Twitter, IDBI Bank's stake sale, and more

Elon Musk became Twitter Inc's new owner on Thursday, firing top executives he had accused of misleading him

FinMin extends query submission deadline for IDBI stake sale till Nov 10

The finance ministry on Thursday extended the deadline for potential bidders to submit queries on IDBI Bank privatisation by 13 days till November 10. The ministry on October 7 had floated the Preliminary Information Memorandum (PIM) inviting bids for selling about 61 per cent stake in IDBI Bank. The deadline for raising queries and submission of bids by interested bidder was October 28 and December 16, respectively. The Department of Investment and Public Asset Management (DIPAM) on Thursday issued a corrigendum to the PIM and extended the deadline for submission of queries till November 10. The government is expecting to get the financial bids for IDBI Bank by March and complete the process of privatisation in the first half of next fiscal beginning April 2023. After the stake sale, the government's and LIC's stake jointly will come down to 34 per cent, from currently 94.72 per cent. LIC and the government currently holds 49.24 per cent and 45.48 per cent stake respectively in

Shriram Group likely to submit EoI for privatisation of IDBI Bank

Entry of Shriram Group as a bidder, could set the stage for at least a two-way contest for IDBI Bank with Prem Watsa's Fairfax Financial also believed to be a contender