The government of India is looking to sell a 60.72 per cent stake in $5.6 billion (£5.03 billion) IDBI Bank and has invited expressions of interest, it said on Friday (7), flagging off a series of planned divestments to diminish the budget deficit, Reuters reported.
In 2020, the country's finance minister Nirmala Sitharaman unveiled plans to privatise most state-run firms, including banks, mining companies, and insurers.
Many state-run banks are reportedly saddled with bad debt and have been a drag on growth.
The state-owned Life Insurance Corporation of India (LIC) will be diluting its holding in IDBI Bank as part of the sale process with the total stake sale comprising a 30.48 per cent stake from the government and a 30.24 per cent stake from LIC, the Reuters report added.
At June end, the Indian government held 45.48 per cent of IDBI bank while LIC held 49.24 per cent.
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