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IDBI Bank Divestment Scrapped? LIC, Govt-Owned Bank Clarifies After Stock Tanks IDBI Bank has addressed media speculation about the potential cancellation of the government’s proposed majority stake sale. The bank stated it cannot confirm or deny reports suggesting the sale might be scrapped due to low bids. It emphasized that the strategic disinvestment process is confidential and managed by the Government of India, with the bank having no role in confirming or denying the news. In a filing to the stock exchange, IDBI Bank clarified that the proposed strategic disinvestment is a confidential process initiated by the government. The bank reiterated that it is not in a position to comment on the referenced news reports. When asked about ongoing negotiations, the bank clarified that the disinvestment is being conducted through a competitive bidding process in accordance with government guidelines. It stated that such processes do not involve negotiations, and therefore, the bank has not been involved in any discussions related to the sale. The bank also mentioned that it has already provided updates to stock exchanges regarding key developments in the proposed strategic sale. This comes amid concerns about the stock’s performance, with investors reacting to the uncertainty surrounding the divestment. The government’s plan to sell a majority stake in IDBI Bank has been a topic of discussion, as the bank is a significant player in the Indian financial sector. The clarification follows reports that the sale might be delayed or canceled due to insufficient interest from potential bidders. However, the bank has not received any official communication regarding the cancellation of the sale.#idbi_bank #government_of_india #indian_financial_sector #lic #stock_exchange
