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 RightsNEW 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.
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.
Persons:
Niharika Kulkarni, LIC, Nikunj Ohri, Louise Heavens
Organizations:
IDBI, REUTERS, IDBI Bank, Life Insurance, Thomson
Locations:
Mumbai, India, DELHI, IDBI Bank