Government and LIC will sell stake in this bank by doing 'roadshow' before IPO, the bank will go into private hands

Government and LIC will sell stake in this bank by doing ‘roadshow’ before IPO, the bank will go into private hands

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new Delhi. The government has completed all the preparations to bring LIC’s IPO. Now he is looking at disinvestment of IDBI Bank, which holds a large stake in LIC. For this, preparations are being made to do a ‘roadshow’.

An official related to the matter said that the government is focusing on selling its and LIC’s stake in IDBI Bank Bank. For this, the roadshow with investors will start digitally from February 25. LIC has the largest stake in this bank and the government wants to remove this burden from it before the IPO. The roadshow, which will be held virtually, will be managed by DIPAM and KPMG.

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How much stake is ready to be sold
The government holds 45.48 percent stake in IDBI Bank, out of which it is looking for a buyer to sell a large part. Apart from this, LIC also has 49.24 percent stake in it. This insurance company also wants to sell its large stake by bringing IPO. Sources related to the matter say that the government and LIC jointly want to bring down their stake to 26 percent. The Reserve Bank (RBI) is being consulted for this.

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This is how the virtual roadshow will run
The purpose of holding a virtual roadshow among investors is to decide the terms and structure of the transaction for disinvestment of the bank. DIPAM has also called RBI during the virtual roadshow so that it can identify investors willing to buy stake in the bank. Also, immediately after the EOI is received from the bidders, the Reserve Bank will also be able to identify which investor fits the criteria.

Tags:, IDBI Bank, LIC IPO

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