IDBI Bank invites bids for MF arm; ICICI Securities selected as advisor

The IDBI Bank, under fire over its pile of non-performing assets (NPAs), has invited expression of interest (EOI) to divest its entire stake in IDBI Asset Management (AMC) and IDBI MF Trustee Company.

The move comes after LIC completed the acquisition of a 51 per cent stake in IDBI Bank in January.

Earlier, it was speculated that IDBI AMC could get merged into the LIC Mutual Fund (MF). However, the bank is, instead, monetising the asset management business.

Industry players believe that a merger of IDBI AMC with LIC MF could have faced regulatory hurdles with the LIC already holding