According to those with knowledge of the situation, the Indian government is considering selling at least 51% of the state-owned IDBI Bank Ltd.
Government representatives are in discussions with the state-owned Life Insurance Corp. of India, which owns approximately 94% of the shares in IDBI Bank, about how much of their holdings they intend to sell, according to the sources. The persons, who requested anonymity because the information is private, stated that both parties anticipate holding onto a stake in the lender following the sale.
The ultimate choice about the deal’s structure will be made by a committee of ministers, according to the sources. One of the persons stated that the government and LIC will formally attempt to determine buyer interest as early as the end of September.