New Delhi: The government has clarified that IDBI Bank will not be subject to the requirements applicable to a state-run company after its proposed stake sale. It has also applied for its shareholding in the lender to be reclassified as ‘public’, it said in response to pre-expression of interest (EoI) queries.
Interested bidders had sought a clarification on whether IDBI Bank would be under the purview of the Central Vigilance Commission and be required to comply with the requirements under the reservation policies of the government.
In October, the government had invited expressions of interest (EoI) for a stake sale, along with the transfer of management control in IDBI Bank. The government, along with the Life Insurance Corporation (LIC), will sell 60.72% stake in the lender.
