Chennai, Jan 7 (SocialNews.XYZ) Several bids have been received for acquiring controlling stake in the IDBI Bank, said a top official in the Department of Investment and Public Asset Management (DIPAM).
"Multiple Expressions of Interest received for the Strategic Disinvestment of Govt and LIC Stake in IDBI Bank. The transaction will now move to the second stage," tweeted Tuhin Kanta Pandey, Secretary, DIPAM.
The Central government and the Life Insurance Corporation of India hold 45.48 per cent and 49.24 per cent stake respectively, in the IDBI Bank.
The government wants to divest 60 per cent stake and the management control to the successful bidder.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz