Govt eyes IDBI financial bids by June, stake sale completion in FY24 itself

Govt has made several provisions and brought regulatory clarity to make deal attractive for bidders. These include allowing a consortium of foreign entities to own over 51% in the Bank

The strategic sale of stakes held by government and state-owned Life Insurance Corp of India (LIC) in IDBI Bank is expected to move to the second stage by the first quarter of FY24, said two people in know.

They added that looking at the progress in the ongoing deal, financial bids are expected to come in by June.

The proposed IDBI stake sale is divided into two stages. In the first, an expression of interest (EOI) is invited, followed by a 'Fit and Proper' assessment and security clearances.  

The second stage is where qualified bidders will be provided with the