Centre may call IDBI bids in Q3
IDBI Bank
in the third quarter of FY26 and select the winning bidder by the end of this fiscal, Arunish Chawla, the department of investment and public asset management (Dipam) secretary, said Friday.
'The due diligence has been completed. Data room protocols are complete for all interested parties. Formal consultations have been completed with qualified interested parties,' Chawla told reporters in New Delhi. The strategic sale of IDBI Bank, beset with bad loans and requiring a state aided bailout six years ago, has been a work in progress since 2022.
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The completion of due diligence by interested bidders marks a significant milestone in the strategic disinvestment process of the lender with a market capitalisation of nearly Rs 97,000 crore. After the selection of a successful bidder, the Reserve Bank of India (RBI) would carry out the final 'fit and proper' examination.
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At present, the government holds 45.48% and state-run Life Insurance Corp (LIC) 49.24% in IDBI Bank. Together, both will offload a 60.72% stake in the lender—30.48% by the government and 30.24% by LIC.
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At Friday's share price on the BSE, the sale of 30.48% stake in IDBI Bank could fetch the government over Rs 29,550 crore.
In 2023, Dipam had announced that the
IDBI Bank strategic sale
had drawn interests from multiple players without identifying them. Asked about the dilution of government stake in financial institutions, including LIC, Chawla said the process of appointing merchant bankers and legal advisors has been completed. Merchant bankers have been appointed for three years, extendable up to five years. 'Individual transactions can take place anytime over three years,' he said.
Separately, Chawla said that Dipam is reviewing the capital management of state-run companies on a weekly basis. The government is working on a strategy to insulate the economy from geo-political headwinds, he added. Public sector undertakings currently make up roughly 15% of the overall market capitalisation at stock exchanges.
'They will continue with their performance milestones and continue to undertake capex to help sustain the economic growth momentum,' the secretary said. Chawla also said Dipam has prepared an in-house market monitor mechanism that captures key economic and market gauges on a daily basis. This aims to enable Dipam officials and many others to have a panoramic view of leading indicators for informed decision-making.
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