Cabinet clears strategic disinvestment, transfer of management control in IDBI Bank
The extent of respective shareholding to be divested by the central government and LIC shall be decided at the time of structuring of transaction in consultation with the RBI.
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NEW DELHI: The Cabinet on Wednesday gave in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank in line with the Budget announcement earlier this year.
The central government and LIC together own more than 94 per cent equity of IDBI Bank. LIC, currently the promoter of IDBI Bank with management control, has a 49.21 per cent stake.
Bank privatisation: Cabinet approves strategic disinvestment and transfer of management control in IDBI Bank Limited
IDBI
The first bank to undergo the process of privatisation is state-run IDBI Bank. During the budget 2021, even though Union minister Nirmala Sitharaman has stated IDBI will not be privatised but looks like IDBI was the first.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its in-principle approval for strategic disinvestment along with the transfer of management control in IDBI Bank.
The extent of respective shareholding to be divested by the government and LIC shall be decided at the time of structuring of transaction in consultation with RBI. The government of India (GoI) (45.48 per cent) and LIC (49.24 per cent) together own more than 94 per cent of the equity of IDBI Bank.
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Extent of respective shareholding to be divested by Central Government and LIC to be decided at the time of structuring of the transaction
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank.
The extent of respective shareholding to be divested by Central government and LIC would be decided at the time of structuring of the transaction in consultation with the RBI, an official release said.
IDBI Bank’s ownership
The Central government and LIC together own more than 94 per cent of equity in IDBI Bank. While the government owns 45.48 per cent stake, the shareholding of LIC in IDBI Bank stands at 49.24 per cent.
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Cabinet approves strategic disinvestment of IDBI Bank
The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd.
The extent of respective shareholding to be divested by the GoI and LIC, shall be decided at the time of structuring of transaction in consultation with the RBI, said an official statement.
The Government of India (GoI) and the LIC together own more than 94 per cent of equity of IDBI Bank, with the Centre holding 45.4 per cent and the LIC owning 49.24 per cent stake. LIC is currently the promoter of IDBI Bank with management control and the Centre is the co-promoter.
IDBI Bank: Divestment, transfer of management control approved
May 05, 2021
The government and LIC together own 94% of the equity of IDBI bank - RAMAKRISHNA G
The government and LIC together own 94% of the equity of IDBI bank - RAMAKRISHNA G×
For FY21, the bank reported a standalone net profit of ₹1,359 crore
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its in-principle approval for strategic disinvestment along with the transfer of the management control in the IDBI Bank Ltd.
“The extent of respective shareholding to be divested by the Central government and the LIC would be decided at the time of structuring of transaction in consultation with the RBI,” an official release said.