Home Business India seeks $7.7 billion for IDBI Bank stake sale: Report

India seeks $7.7 billion for IDBI Bank stake sale: Report

Shares of IDBI Bank were up 1% at Rs 45.45 as of 0521 GMT.

Bangalore:

India is seeking a valuation of around Rs 640 billion ($7.73 billion) for state-owned IDBI Bank Ltd, Bloomberg News reported on Friday as part of the government’s stake-sale in the lender.

Earlier this month, India had invited bids for 60.72% stake in the bank, which is 45.48% owned by the government and 49.24% by the state-owned Life Insurance Corporation of India (LIC).

Potential investors ranging from domestic and foreign banks to non-banking financial firms and private equity funds have shown early interest, the report said on Friday, citing a person familiar with the matter.

According to the report, the bidders may get regulatory approval and security clearance after November.

IDBI Bank and the Indian government did not immediately respond to emails from Reuters seeking comment.

The state-owned lender had a market capitalization of Rs 482.2 billion and the valuation that India is pushing would represent a premium of around 33% to Thursday’s closing prices.

Shares of IDBI Bank were up 1% at Rs 45.45 as of 0521 GMT.

Reuters reported earlier this week that the Indian government is in talks with the markets regulator to relax a key public shareholding criterion for IDBI Bank to attract a larger pool of potential buyers.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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