IDBI

Stake Bidding Process: Govt plans USD 7 billion divestment - Kotak Mahindra Bank among frontrunners in bidding war

India is preparing to invite bids for its USD 7.1 billion majority stake in IDBI Bank Ltd., a major step forward in its long-awaited plan to privatise the lender and advance its broader divestment strategy, according to a report. According to The Economic Times, discussions with potential bidders are already at an advanced stage. A government agency may formally launch the bidding process as early as this month, making it one of the biggest state-backed bank stake sales in decades, people familiar with the matter told. Government plans to sell 60.72% stake As per the details reported by The Economic Times, India plans to sell 60.72 per cent in the Mumbai-based lender, a stake valued at roughly USD 7.1 billion at current market prices.