IDBI Bank shares dip 3% as government cancels bid for appointing asset valuer

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.

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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.