Powered by: Motilal Oswal
21/10/2022 11:55:14 AM | Source: Reuters
India pushes for $7.7 billion value for IDBI Bank in stake sale- Media
News By Tags | #8170 #1067 #139 #266 #572 #413
India pushes for $7.7 billion value for IDBI Bank in stake sale- Media

 India is seeking a valuation of around 640 billion rupees ($7.73 billion) for state-owned IDBI Bank Ltd, Bloomberg News reported on Friday, as part of the government's stake-sale in the lender.

Earlier this month, India had invited bids for a 60.72% stake in the bank, which is 45.48% owned by the government and 49.24% by state-owned Life Insurance Corporation of India (LIC).

Potential investors, ranging from domestic and foreign banks to non-banking financial firms and private equity funds, have shown initial interest, the report said on Friday, citing a person familiar with the matter.

The bidders could get regulatory approvals and security clearances after November, according to the report.

IDBI Bank and the Government of India did not immediately respond to Reuters' emails seeking comment.

The state-owned lender had a market capitalization of 482.2 billion rupees and the valuation India is reportedly pushing for would represent a premium of nearly 33% to Thursday's closing prices.

IDBI Bank's shares were up 1% at 45.45 rupees by 0521 GMT.

Reuters had reported earlier this week that the Indian government was in talks with the market regulator, seeking to relax a key public shareholding norm for the potential buyer of IDBI Bank to attract a larger pool of suitors.

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here