New Delhi (10.12.2022): The Government is likely to start stake sale of Container Corporation of India (CONCOR) to private firms in January 2023. Meanwhile, the last date for submitting "expressions of interest" (EoIs) for IDBI is likely to be extended by mid-January, 2023 as the last date for submission of the initial bids is December 16, 2022.
The government and the Life Insurance Corporation of India (LIC) are selling 60.72 per cent stake in the strategic sale of IDBI Bank and transferring management control to the winning bidder. The government has allowed foreign funds, and investment vehicles incorporated outside India can own more than 51 per cent in IDBI Bank to make terms and conditions of transaction more attractive.
The government will adopt a two-stage process for divestment. In the first stage, bidders that meet initial eligibility criteria must clear a ‘fit and proper’ assessment by the Reserve Bank of India and get security clearance from the home ministry. Then, qualified bidders will sign a confidentiality agreement with the government and proceed to the second stage, where financial bids will be sought.
LIC will sell 30.24 per cent of its 49.24 per cent holding in the bank, while the government will dilute 30.48 per cent of its 45.48 per cent holding. At present, 5.28 per cent is held by the public.
Disinvestment: EoI for CONCOR & IDBI expected in Jan 2023
By IndianMandarins - 2022-12-10 11:50:00
New Delhi (10.12.2022): The Government is likely to start stake sale of Container Corporation of India (CONCOR) to private firms in January 2023. Meanwhile, the last date for submitting "expressions of interest" (EoIs) for IDBI is likely to be extended by mid-January, 2023 as the last date for submission of the initial bids is December 16, 2022.
The government and the Life Insurance Corporation of India (LIC) are selling 60.72 per cent stake in the strategic sale of IDBI Bank and transferring management control to the winning bidder. The government has allowed foreign funds, and investment vehicles incorporated outside India can own more than 51 per cent in IDBI Bank to make terms and conditions of transaction more attractive.
The government will adopt a two-stage process for divestment. In the first stage, bidders that meet initial eligibility criteria must clear a ‘fit and proper’ assessment by the Reserve Bank of India and get security clearance from the home ministry. Then, qualified bidders will sign a confidentiality agreement with the government and proceed to the second stage, where financial bids will be sought.
LIC will sell 30.24 per cent of its 49.24 per cent holding in the bank, while the government will dilute 30.48 per cent of its 45.48 per cent holding. At present, 5.28 per cent is held by the public.
