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 RightsNov 21 (Reuters) - The Indian government has cancelled the bidding process to hire an asset valuer for its planned IDBI Bank (IDBI.NS) share sale, according to a statement.
The government will invite fresh bids to select a valuer for its stake in the lender, said a statement from the Department of Investment and Public Asset Management on Tuesday.
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% of IDBI Bank.
Persons:
Niharika Kulkarni, LIC, Tuhin Kanta Pandey, Nikunj Ohri, Matthew Lewis
Organizations:
IDBI, REUTERS, Bank, Department of Investment, Public Asset Management, Life Insurance, IDBI Bank, Thomson
Locations:
Mumbai, India, IDBI Bank, New Delhi, Bengaluru