NEW DELHI: The closing date to post initial bids for IDBI Bank privatization may be prolonged through nearly a month until early January, a central authority authentic mentioned on Friday. The govt and LIC in combination need to promote a 60.72 according to cent stake in IDBI Bank, and the remaining date for filing an Expression of Interest (EoI) or initial bids is December 16.
Transaction advisors have gained a couple of requests for an extension of the closing date.
Since international funding bankers would now not be operating because of year-end vacations, the closing date can be prolonged, the authentic mentioned.
“The deadline for submitting bids would be extended till early January,” the authentic mentioned.
The govt on October 7 had invited bids for the EoI of IDBI Bank for which the remaining date is December 16. Both the federal government and Life Insurance Corporation (LIC) dangle 94.71 according to cent stocks within the lender.
The govt is taking a look to dump a 60.72 according to cent stake within the state-owned financial institution. The a hit bidder should make an open be offering for acquisition of five.28 according to cent of the general public shareholding.
Earlier, the Department of Investment and Public Asset Management (DIPAM) had mentioned the prospective patrons must have a minimal internet value of Rs 22,500 crore and will have to document a internet benefit in 3 out of the remaining 5 years to qualify to bid for the financial institution. In addition, a most of 4 participants can be approved in a consortium.
Also, the a hit bidder can be required to mandatorily lock in a minimum of 40 according to cent of the fairness capital for 5 years from the date of acquisition.
Shares of IDBI financial institution had been buying and selling at Rs 57 a work, down 1.7 according to cent over the former shut.
Transaction advisors have gained a couple of requests for an extension of the closing date.
Since international funding bankers would now not be operating because of year-end vacations, the closing date can be prolonged, the authentic mentioned.
“The deadline for submitting bids would be extended till early January,” the authentic mentioned.
The govt on October 7 had invited bids for the EoI of IDBI Bank for which the remaining date is December 16. Both the federal government and Life Insurance Corporation (LIC) dangle 94.71 according to cent stocks within the lender.
The govt is taking a look to dump a 60.72 according to cent stake within the state-owned financial institution. The a hit bidder should make an open be offering for acquisition of five.28 according to cent of the general public shareholding.
Earlier, the Department of Investment and Public Asset Management (DIPAM) had mentioned the prospective patrons must have a minimal internet value of Rs 22,500 crore and will have to document a internet benefit in 3 out of the remaining 5 years to qualify to bid for the financial institution. In addition, a most of 4 participants can be approved in a consortium.
Also, the a hit bidder can be required to mandatorily lock in a minimum of 40 according to cent of the fairness capital for 5 years from the date of acquisition.
Shares of IDBI financial institution had been buying and selling at Rs 57 a work, down 1.7 according to cent over the former shut.