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Report: Indian government to lower stake in IDBI Bank to 52% as it revives share sale

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Report: Indian government to lower stake in IDBI Bank to 52% as it revives share sale

The Indian government plans to bring down its stake inIDBI Bank Ltd. to 52%and has instructed the lender's management to explore possible options,including a strategic sale, The EconomicTimes reported Oct. 7, citing "people aware of the matter."

The bank is already looking for merchant bankers to manage aqualified institutional placement. Earlier, a proposed qualified institutionalplacement received lukewarmresponse from investors.

The government may also consider reducing its stake to below52% if the planned share sale to investors improves the bank's performance,according to a senior government official.

The Indian government owns a 73.98% stake in the bank.

IDBI Bank said Oct. 7 that it has not received any officialcommunication from the government in regards to the stake sale. The board hasalso not discussed the matter.