IDBI Bank Privatization: The Central Government is proceeding on the process of privatization of IDBI Bank.
IDBI Bank Privatisation: The Central Government is proceeding on the process of privatization of IDBI Bank. According to an official, the government can call for the initial bid for the privatization of the bank in the end of July next month. According to the information, the Department of Investment and Public Asset Management (DIPAM) is currently promoting for sale among investors in the US. The official said that after a few more such investor meetings, the roadmap for the sale will be decided. The official said that the central bank may hold another round of talks with the RBI for the strategic sale of IDBI Bank. After this, expressions of interest can be called by the end of next month.
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How much stake will be sold, not yet decided
The government’s stake in IDBI Bank is 45.48 percent and LIC’s 49.24 percent. The official said that how much stake of the government and LIC will be sold in the bank, it has not been decided yet. However, management control will be transferred to IDBI Bank in this strategic sale. The Economic Affairs Committee of the Union Cabinet had given in-principle approval for strategic disinvestment of the bank and transfer of management control in May 2021 last year. For this, necessary amendments have been made in the IDBI Bank Act.
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Bank’s profit up 35% in the fourth quarter of FY22
IDBI Bank announced the results of the fourth quarter of the financial year 2021-22 last month. According to this, the bank’s net profit in the March 2022 quarter rose by 35 percent on a year-on-year basis to Rs 691 crore. Apart from this, the bank’s net profit for the entire financial year 2021-22 also stood at Rs 2,439 crore, with a tremendous jump of 79 per cent on a year-on-year basis.
Check here IDBI Bank’s fourth quarter results