Government and LIC to carry the IDBI Bank strategic sale into the next phase.

The second stage of the strategic interest sale in IDBI Bank by the state-owned Life Insurance Corp. of India (LIC) and the Indian government is about to begin.
The government received numerous expressions of interest (EoI) for the divestiture of IDBI Bank, according to the DIPAM secretary’s statement on Saturday. Together, the government and LIC want to sell 60.72% of the Mumbai-based lender.
The Indian government and LIC were invited to submit their expressions of interest (EOI) for the strategic disinvestment of their combined ownership of 60.72% in IDBI Bank through DIPAM, along with the transfer of management control.
This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.