On the morning of November 22, IDBI Bank faced a decline of more than 3 percent in its shares as the government abruptly halted the bid invitation process aimed at appointing an asset valuer for the bank’s divestment.
The government has opted to initiate a fresh request for proposal (RFP) to appoint the asset valuer, marking the cancellation after extending the RFP four times.
In collaboration with the Life Insurance Corporation (LIC), the government has been actively pursuing the divestment of its holdings in IDBI Bank. Currently holding a 45 percent stake, with LIC at 49.24 percent, the government and LIC jointly aim to sell a substantial 60.7 percent stake in the bank.
This decision follows the receipt of multiple preliminary bids for the strategic sale in January. As of 10:52 am, IDBI Bank shares were trading 2.97% lower at ₹60.45.