Comments
The government on Friday invited Request for Proposal (RFP) to engage an asset valuer for Strategic Disinvestment of IDBI Bank.
“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.
Bid document
Interested party can download the bid document from Friday. Bid can be submitted by October 9. Technical bid will open on October. Shortlisted bidder will be invited for presentation in due course and after than financial bid will open.
IDBI Bank is listed on NSE and BSE in India. In order to determine the value of IDBI Bank, the asset valuer is required to carry out the fair valuation of all the assets and liabilities appearing on the balance sheet of IDBI Bank, as on a date prescribed and notified by DIPAM, on an “as is where is basis”.
According to the Department, the asset valuer will work closely with the Transaction Advisor and Legal Advisor for this purpose during the entire course of the assignment. The valuer is required to follow three principles - Income Approach, Market Approach and Cost Approach for valuation.
Asofn March 31, 2023, LIC holds 49.24 per cent while the Government has 45.48 per cent in IDBI Bank .In the strategic disinvestment of IDBI Bank, the Preliminary Information Memorandum (PIM) for inviting Expression of Interest (EOI) was published on October 7, 2022. It was was mentioned that the Government will sell 30.48 per cent and LIC will divest 30.24 per cent aggregating to 60.72 per cent along with transfer of management control in IDBI Bank.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.