The government is looking to sell a 60.72% majority stake in IDBI Bank and has invited expressions of interest, it said in a notification on Friday.

State-owned Life Insurance Corporation of India will also be diluting its holding in IDBI Bank as part of the state’s divestment process.

The total 60.72% stake sale comprises a 30.48% stake from the government and a 30.24% stake from LIC.

At the end of June the government held 45.48% of IDBI bank while LIC held 49.24%.

Expression of Interest is invited for Strategic Disinvestment of specified GoI and LIC stakes in IDBI Bank along with tranfer of management control. Details are at https://t.co/hnxumJlDpo pic.twitter.com/sQbZIgLhVu

— Secretary, DIPAM (@SecyDIPAM) October 7, 2022

 

(Reporting by Nupur Anand; Editing by David Goodman)

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