The logo of IDBI Bank is seen on the facade of its headquarters in Mumbai, India, April 18, 2023. REUTERS/Niharika Kulkarni/File photo Acquire Licensing Rights
NEW DELHI, Sept 1 (Reuters) – The Indian government has invited bids to appoint an asset valuer for IDBI Bank (IDBI.NS) as it seeks to sell a majority stake of the lender.
The asset valuer will have to conduct a valuation of the lender’s assets, and provide assistance in the sale process of IDBI Bank, according to a government document.
Bids will have to be submitted by Oct. 9.
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% in IDBI Bank.
Reporting by Nikunj Ohri, Editing by Louise Heavens
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