IDBI Bank’s shares had been up 1% at 45.45 rupees by 0521 GMT.
Bengaluru:
India is in search of a valuation of round 640 billion rupees ($7.73 billion) for state-owned IDBI Bank Ltd, Bloomberg News reported on Friday, as a part of the federal government’s stake-sale within the lender.
Earlier this month, India had invited bids for a 60.72% stake within the financial institution, which is 45.48% owned by the federal government and 49.24% by state-owned Life Insurance Corporation of India (LIC).
Potential traders, starting from home and international banks to non-banking monetary companies and personal fairness funds, have proven preliminary curiosity, the report stated on Friday, citing an individual conversant in the matter.
The bidders may get regulatory approvals and safety clearances after November, in accordance with the report.
IDBI Bank and the Government of India didn’t instantly reply to Reuters’ emails in search of remark.
The state-owned lender had a market capitalization of 482.2 billion rupees and the valuation India is reportedly pushing for would characterize a premium of practically 33% to Thursday’s closing costs.
IDBI Bank’s shares had been up 1% at 45.45 rupees by 0521 GMT.
Reuters had reported earlier this week that the Indian authorities was in talks with the market regulator, in search of to calm down a key public shareholding norm for the potential purchaser of IDBI Bank to draw a bigger pool of suitors.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
