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The Department of Investment and Public Asset Management (DIPAM) has extended the deadline for invitation of expression of interest (EOI) in IDBI Bank till January 7. On October 31, the government had invited bids for its sale and had set a deadline of December 16 for submitting the EOI.
As per the offer document, the government and Life Insurance Corporation of India (LIC) together will sell 60.72 per cent stake held in IDBI Bank. DIPAM has mandated that the potential buyers should have a minimum net worth of ₹22,500 crore and must report a net profit in three out of the last five years to qualify for the bidding. It would permit a maximum of four members consortium to bid for IDBI Bank.
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