Eight law companies in race to advise IDBI Bank sale

About eight law firms are in the race to advise the government in the strategic disinvestment of IDBI Bank. These law firms will make a presentation before the Inter-ministerial Group (IMG) chaired by DIPAM Secretary on Wednesday, and one firm would be selected as the legal advisor. The law firms that are in the race include Crawford Bayley, L&L Partners, Link Legal, S&R Associates, Saraf and Partners, S&G Partners, Surana & Surana and Trilegal. The government is looking to sell its 45.48 per cent shareholding in IDBI Bank. Life Insurance Corporation of India (LIC), which owns 49.24 per cent, will also offload its stake to transfer management control to the new buyer.