India cancels bid process to hire valuer for IDBI Bank sale

IDBI Bank

21/11/2023 18:15

Nov 21 (Reuters) - The Indian government has cancelled
the bidding process to hire an asset valuer for its planned IDBI
Bank  IDBI.NS  share sale, according to a statement.
    The government will invite fresh bids to select a valuer for
its stake in the lender, said a statement from the Department of
Investment and Public Asset Management on Tuesday.
    The government gave no reason for the move.
    India is looking to offload its 30.48% stake in IDBI Bank,
while Life Insurance Corp (LIC)  LIFI.NS  of India will sell a
30.24% shareholding. Presently, the Indian government and LIC
collectively own about 95% of IDBI Bank.
    The government had invited bids to appoint a valuer on Sept.
 1, and last month relaxed the criteria to appoint such
intermediaries after the conditions were found to be stringent.
    The Indian government is not expecting to conclude the sale
of IDBI Bank by the end of the current financial year on March
31, 2024, Tuhin Kanta Pandey, secretary of the Department of
Investment and Public Asset Management told reporters last week.

 (Reporting by Nikunj Ohri in New Delhi and Nilutpal Timsina in
Bengaluru
Editing by Matthew Lewis)
 ((nikunj.ohri@thomsonreuters.com))