Seven firms plac bids for managin IDBI strategic sal
As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank.
These firms would make a virtual presentation before the Department of Investment and Public Asset Management (DIPAM), which is handling the sale process, on August 10, according to a notice by DIPAM.
The firms that have bid for acting as transaction advisor are Deloitte Touche Tohmwatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.
DIPAM would appoint one transaction advisor for the strategic sale of IDBI Bank, in which the central government and LIC together own more than 94 per cent.
LIC, currently having management control, has a 49.24% stake, while the government holds 45.48% in the bank. Nonpromoter shareholding stands at 5.29%.
The exact quantum of stake dilution would be decided later.
The government in J invited bids from reputed pr sional consulting firms / in ment bankers / merchant b ers/financial institutions / ba for facilitating/assisting DIP in the process of strategic d vestment of IDBI Bank Ltd. a with transfer of managem control, till completion of transaction. The last date fo submission was July 13, w was later extended till July
The Transaction Adv would be required to advise assist the government on mo ities of disinvestment and timing; recommend the nee other intermediaries requ for the process of sale/disin ment.