The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has provided their in-principle nod for the strategic disinvestment along with transfer of management control in IDBI Bank Ltd.
The CCEA) on May 5 granted approval for the long-pending strategic disinvestment of IDBI Bank Ltd,
After this development, the amount of respective shareholding to be divested by GoI and LIC shall be finalised at the time of structuring of transaction in discussion with the Reserve Bank of India.
“The extent of respective shareholding to be divested by GoI and LIC shall be decided at the time of structuring of transaction in consultation with RBI,” an official statement said.
As of now, the Government of India (GoI) and LIC together hold more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). Also, LIC is the promoter of IDBI Bank with Management Control and GoI is the co-promoter.
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