Government invites bids to engage asset valuer for IDBI Bank sale

Photo: Bloomberg

IDBI Financial institution (Picture: Bloomberg)

The federal government is trying to interact an asset valuer for valuing property and offering help within the strategic disinvestment of IDBI Financial institution.

The federal government together with the LIC is promoting practically 61 per cent stake in IDBI Financial institution and has obtained a number of Expressions of Curiosity (EoI) for a similar.

At current, the federal government and RBI are within the technique of vetting the bids obtained. Safety clearance from the federal government and ‘fit and proper’ clearance from the RBI could be mandatory for the bidders to maneuver to the second stage of bidding course of which is due diligence and subsequent invitation of monetary bids.

The Division of Funding & Public Asset Administration, on behalf of Gol and LIC, on Monday floated an RFP to have interaction a “reputed Asset Valuer Entity — registered with Insolvency & Bankruptcy Board of India (IBBI), to act as the Asset Valuer for undertaking the IDBI Bank assets’ valuation and provide requisite assistance in the process of strategic disinvestment of IDBI Bank, till the completion of the transaction”.

The final date to submit bids is October 9.

The asset valuer could be required to worth IDBI Financial institution’s investments; loans & advances; mounted property and different property.

First Revealed: Sep 04 2023 | 11:32 PM IST

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