Government appoints Asset Valuer to aid IDBI Bank's strategic divestment

As part of its drive to sell its stock in the bank, the government has requested bids for the selection of an asset valuer for IDBI Bank. Assessing the bank's assets and providing assistance throughout the IDBI Bank stake sale process will be the designated asset valuer's responsibility.

In a public notice, the Department of Investment & Public Asset Management (DIPAM), acting on behalf of the Government of India (GoI) and LIC, announced that it was looking for a reputable asset assessment company that was also registered with the Insolvency & Bankruptcy Board of India (IBBI).

“The Department of Investment & Public Asset Management (DIPAM), on behalf of Gol and LIC, wishes to engage the services of a reputed asset valuer entity - registered with Insolvency & Bankruptcy Board of India (IBBI), to act as the asset valuer for undertaking the IDBI Bank assets’ valuation and provide requisite assistance in the process of Strategic Disinvestment of IDBI Bank Limited, till the completion of the transaction,” DIPAM said in public notice.

As of March 31, 2023, LIC holds a 49.24 percent stake in IDBI Bank, while the Government has 45.48 percent stake. It has been stated that the Government plans to divest 30.48 percent, and LIC intends to divest 30.24 percent, totaling 60.72 percent, along with the transfer of management control in IDBI Bank.

Source: Media Reports