IDBI Bank Clarifies Market Rumors on Strategic Disinvestment Process
IDBI Bank Ltd has issued a statement clarifying reports surrounding the strategic disinvestment of the bank, confirming that the process is ongoing and confidential through a competitive bidding framework. The clarification addresses news reporting regarding potential negotiations for the sale of IDBI Bank to Fairfax Financial.The Bank confirmed that the proposed Strategic Disinvestment of IDBI Bank Limited is being undertaken by the Government of India (GOI) as a confidential process, which involves a competitive bidding process aligned with GOI Disinvestment guidelines. Therefore, IDBI Bank has had no involvement in any negotiations regarding the transaction.
The Bank provided key milestones related to the ongoing disinvestment process, noting that these developments have been disclosed previously. This timeline includes:
| Date | Event |
|---|---|
| May 5, 2021 | Cabinet Committee on Economic Affairs granted In Principle Approval for Strategic Disinvestment and transfer of management control in IDBI Bank Ltd. |
| October 7, 2022 | KPMG India was appointed as Transaction Advisor and Link Legal as the Legal Advisors. The GOI was set to sell shares representing 30.48% and LIC held 30.24%, aggregating a total of 60.72%. |
| October 27, 2022 | Amendment to the Preliminary Information Memorandum (PIM) for inviting Expressions of Interest. |
| December 14, 2022 | Second amendment to the Preliminary Information Memorandum for inviting Expression of Interest. |
| January 5, 2023 | SEBI Approval was granted for re-classification of GOI as public Shareholder upon completion of the Sale. |
| August 23, 2025 | SEBI Approval was granted for re-classification of LIC as public Shareholder upon completion of the Sale. |
In response to queries regarding the movement in trading related to the rumors, IDBI Bank stated that it has not received any communication from GOI concerning the finalization of a transaction under the ongoing strategic disinvestment process. The Bank also noted that it is unaware of any undisclosed material information that could explain the referenced news report or the increase in share prices.
The Bank affirmed that its referenced news report pertains exclusively to the bidding process for the Strategic Disinvestment and does not relate to any regulatory or legal proceedings.
MCCHRLS-B Stock Price Movement
Mac Charles India Limited shares closed up today after trading robustly, achieving a gain of 0.42% to settle at ₹712. The stock enjoyed volatility during the session, hitting lows near ₹705 while the limited activity saw only 5 shares traded through the market.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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