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The stake sale process in IDBI Bank may not be completed in the current financial year. A senior government official has said this. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kant Pandey said the strategic sale process is on track, but some aspects of RBI regulations still need to be met.
What questions were asked: “We practically don’t think we will be able to complete it (sale of IDBI Bank stake) before March,” Tuhin Kant Pandey said. In fact, Tuhin Pandey was asked whether the department would consider disinvestment in the current financial year. 51,000 crore is able to achieve the target of collection. Pandey said disinvestment targets mostly depend on key deals like IDBI Bank. Apart from this, there is some uncertainty regarding the sale of NMDC shares, he said. The department hopes to raise Rs 10,000 crore from this.
Let us tell you that the central government holds more than 45 percent stake in IDBI Bank. Apart from this, Life Insurance Corporation (LIC) holds 49.24 percent stake in the bank. Both have decided to jointly sell 60.7 percent stake in the bank.
Share Status: Meanwhile, IDBI Bank’s share price has seen a decline. On Thursday, this share was Rs. closed at 65.60. The stock was down 0.83% from a day earlier.