According to a report, the government is planning to seek a valuation of $7.7 billion for the sale of their stake in IDBI Bank.
- A Bloomberg source said the government is seeking a valuation of $7.7 billion for state-owned IDBI Bank, which may be the largest sale of the government’s interest in a banking in decades.
- The government requested bidders for 60.72% of the Mumbai-listed lender earlier this month.
- Based on IDBI Bank’s $5.8 billion market value as of Thursday, the administration wants a 33% premium.
- The unnamed source claimed IDBI Bank’s increased profitability might support the price target.
- After November, bidders may receive regulatory and security clearances as the process proceeds.