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The Union government is most likely to invite preliminary tenders for IDBI Bank privatisation by the end of July, an official said on 10 June.

The Department of Investment and Public Asset Management (DIPAM) is currently holding roadshows in the US for the sale of IDBI Bank, added the official. He also said that following more such investor meets, it will finalise the contours of the sale.

"We may need one more round of discussion with RBI on IDBI strategic sale. The expression of interest (EoI) may be invited by July-end," the official said.

The government currently holds 45.48 per cent stake in the bank, while LIC owns 49.24 per cent.

ALSO READ: IDBI Bank sells its entire shareholding of 19.18% in ARCIL

Apart from this, the official said that the management control in IDBI Bank will be transferred in the strategic sale, adding the quantum of stake dilution of both the government and LIC is yet to be decided.

Earlier in May 2021, the Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank.

Through the Finance Act 2021, necessary amendments to the IDBI Bank Act have already been made and transaction advisors have been appointed.

With inputs from PTI

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