India moves forward with IDBI Bank strategic sale, seeks new valuations

  • Investing.com
  • Stock Market News
India moves forward with IDBI Bank strategic sale, seeks new valuations
Credit: © Reuters.

The Indian government is taking a significant step in privatizing IDBI Bank (NS: IDBI ), as it seeks to attract asset valuers for a fresh round of strategic sale bids. The Department of Investment and Public Asset Management (DIPAM) reissued a request for proposal (RFP) today, with the aim of enhancing participation through revised criteria.

The new RFP comes after the initial bids were scrapped due to insufficient interest. This move illustrates the government's commitment to pushing through with the sale of its stake in the bank. Asset valuers interested in participating in this strategic sale have until January 5 to submit their proposals. To be eligible, these valuers must be registered with regulatory bodies such as the Insolvency and Bankruptcy Board of India (IBBI), the Securities and Exchange Board of India (SEBI), or the Institute of Chartered Accountants of India (ICAI). Additionally, they must demonstrate a turnover exceeding ₹1 crore in recent fiscal years.

The reinvigoration of the RFP process marks a pivotal moment in the government's broader divestment strategy, which is aimed at consolidating fiscal resources and enhancing efficiency in the banking sector. This strategic sale is part of a larger effort by the government to offload its stakes in various public sector entities.

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