The government is aiming to continue roadshows for the proposed sale of IDBI Bank for the next few weeks, before inviting bids in May. “Roadshows will continue until April-end. We are taking feedback from potential investors on the sale and the process”, a government official told Business Today TV. The government of India and the Life Insurance Corporation of India (LIC) together own more than 94 per cent equity in IDBI. The strategic disinvestment of the government and LIC's stake in IDBI Bank was approved by the Cabinet Committee on Economic Affairs on May 5, 2021. On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent following the issuance of additional equity shares by the bank under a Qualified Institutional Placement.
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