Finance Minister Nirmala Sitharaman said the disinvestment of IDBI Bank will continue.
On April 24, Finance Minister Nirmala Sitharaman said the government will go on with the divestment of its stake in the IDBI bank. She was speaking on the sidelines of inauguration of Local Head Office of State Bank of India in Pune.
The government aims to sell its 30.48% stake and Life Insurance Corporation of India’s 30.24% stake in the bank.
The Government had put the privatisation process on hold as it received low bids. As per sources, bids were in the range of Rs 40,000 crore to Rs 45,000 crore, below the government’s reserve price.
Under the original plan, the government was to sell a 30.48% stake in IDBI Bank, while LIC was to divest 30.24%, taking the total stake on offer to 60.72%. Based on earlier market prices, the combined value was estimated at about Rs 72,000 crore.
The privatisation process has been under way since Jan. 7, 2023. Now the Government has announced its plan to restart the privatisation plan.
When asked about merger of public sector banks, she said that there is nothing on the table at present on consolidation among public sector banks. She said that a high-level banking committee will look into the merger of PSU Banks.
