Road shows being held to assess investors' interest in IDBI Bank: Government
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Road shows are being held to assess the investors' interest in IDBI Bank, the government told Parliament on Monday.
"... Road shows are currently being held to assess the investors' interest before floating the Expression of Interest (EoI)," Minister of State for Finance Bhagwat Karad told the Lok Sabha in a written reply.
"Last year, the Cabinet Committee on Economic Affairs (CCEA) approved the strategic disinvestment of Centre's and LIC's shareholding in the bank along with transfer of management control. It is expected that the strategic buyer will infuse funds, new technology and best management practices for optimal development of business potential and growth of IDBI Bank.
"Unlocking of resources by the strategic disinvestment of GoI's equity in IDBI Bank Ltd. would be used to finance the social sector or developmental programs of the Government benefitting the citizens," he said in a reply to another question.
On the question of whether the Centre has consulted unions and associations of IDBI Bank employees to address their concerns, Karad said that while deciding the terms and conditions of the strategic sale, legitimate concerns of the existing employees and other stakeholders "are suitably addressed" through appropriate provisions made in the 'Share Purchase Agreement' (SPA).
