Chennai, Jan 7,2023: Several bids have been received for acquiring controlling stake in the IDBI Bank, said a top official in the Department of Investment and Public Asset Management (DIPAM).

“Multiple Expressions of Interest received for the Strategic Disinvestment of Govt and LIC Stake in IDBI Bank. The transaction will now move to the second stage,” tweeted Tuhin Kanta Pandey, Secretary, DIPAM.

The Central government and the Life Insurance Corporation of India hold 45.48 per cent and 49.24 per cent stake respectively, in the IDBI Bank.

The government wants to divest 60 per cent stake and the management control to the successful bidder.