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Govt not considering strategic sale of IDBI Bank: FinMin

The government today said it is not considering any proposal of strategic sale of state-owned IDBI Bank.
IDBI Bank-AVMinister of State for Finance Santosh Kumar Gangwar in a written reply in the Rajya Sabha said: “No” to a question whether the government is proposing strategic sale of IDBI Bank.

The Minister, however, said that public sector banks including IDBI have been allowed to raise capital through follow on public offer or qualified institutional placements.

This, he added, could result in dilution of “government holding up to 52 per cent in a phased manner based on their (public sector banks’) capital requirement, their stock performance, liquidity, market conditions etc”.

According to media reports, global lenders, Asian Development Bank and International Finance Corporation, as well as other investors are in talks for state-owned IDBI Bank’s Rs 3,771-crore stake sale via qualified institutional placement route.

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