New Delhi, 24/8: The government is considering selling at least 51 per cent of state-backed IDBI Bank Ltd., according to people with knowledge of the matter.
Officials in the government and the state-backed Life Insurance Corp. of India, which together own about 94 per cent of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell, the people said. Both parties are expected to retain a stake in the lender after the sale, the people said, asking not to be identified as the information is confidential.
A panel of ministers will make the final decision on the structure of the deal, the people said. The government and LIC will formally seek to gauge buyer interest as soon as the end of September, one of the people said.
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