The Reserve Bank of India, also the country s banking regulator, has not yet completed "fit and proper" vetting on the interested bidders, who include Emirates NBD and Canadian billionaire Prem Watsa, after which the bidders can do their due diligence and place their financial bids, the sources said.
The Indian government has cancelled
the bidding process to hire an asset valuer for its planned IDBI
Bank share sale, according to a statement. The government will invite fresh bids to.
About 50% of IREDA IPO will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors.
Subsidiary Reliance Jio Infocomm added 32.4 lakh users in August, and its wireless subscriber tally topped 44.57 crore, according to data released by telecom regulator TRAI.
The Indian government does not expect to conclude the sale of IDBI Bank by the end of the financial year on March 31, 2024, a top finance ministry official told reporters. The federal government, which owns 45.48% of IDBI Bank, and state-owned Life Insurance Corp of India, which holds 49.24%, together plan to sell 60.7% of the lender. Kotak Mahindra Bank, Canadian billionaire Prem Watsa-backed CSB Bank and Emirates NBD have submitted initial bids for a majority stake in IDBI Bank and the Reserve Bank of India (RBI) has been vetting bidders since April.