{"id":81991,"date":"2023-01-07T22:21:00","date_gmt":"2023-01-07T16:51:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=81991"},"modified":"2023-01-07T21:35:08","modified_gmt":"2023-01-07T16:05:08","slug":"biz-idbi-bank-bids","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-idbi-bank-bids\/","title":{"rendered":"Govt gets multiple preliminary bids for buying 61% stake in IDBI Bank"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1332035932\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The government has received multiple preliminary bids for strategic sale of about 61 per cent stake in IDBI Bank.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1699282442\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>&#8220;Multiple Expressions of Interest received for the Strategic Disinvestment of Govt and LIC Stake in IDBI Bank,&#8221; Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.<\/p>\n<p>The transaction will now move to the second stage in which the potential bidders will conduct due diligence before putting financial bids.<\/p>\n<p>The government and LIC together are looking to sell 60.72 per cent in IDBI Bank and had invited bids from potential buyers in October. The last date for submitting Expression of Interest (EoI) or preliminary bids was set at December 16, which was later extended to January 7.<\/p><div class=\"trade-content_5\" id=\"trade-1993206934\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Currently, the government and the Life Insurance Corporation (LIC) hold 94.71 per cent in the lender. The successful bidder will have to make an open offer for acquisition of 5.28 per cent of public shareholding.<\/p>\n<p>Earlier, DIPAM had said that the potential buyers should have a minimum net worth of Rs 22,500 crore and must report a net profit in three out of the last five years to qualify to bid for the bank.<\/p>\n<p>In addition, a maximum of four members would be permitted in a consortium. Also, the successful bidder would be required to mandatorily lock in at least 40 per cent of the equity capital for five years from the date of acquisition.<\/p>\n<p>Shares of IDBI Bank on Friday closed at Rs 59.05, up 7.85 per cent over previous close on the BSE. PTI JD ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-3445690256\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The government has received multiple preliminary bids for strategic sale of about 61 per cent stake in IDBI Bank. &#8220;Multiple Expressions of Interest received for the Strategic Disinvestment of Govt and LIC Stake in IDBI Bank,&#8221; Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted. The transaction will now move to [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":17441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-81991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt gets multiple preliminary bids for buying 61% stake in IDBI Bank - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=81991\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt gets multiple preliminary bids for buying 61% stake in IDBI Bank\" \/>\n<meta property=\"og:description\" content=\"The government has received multiple preliminary bids for strategic sale of about 61 per cent stake in IDBI Bank. &#8220;Multiple Expressions of Interest received for the Strategic Disinvestment of Govt and LIC Stake in IDBI Bank,&#8221; Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted. 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