Government, LIC To Sell Majority Stake In IDBI Bank

The total 60.72% stake sale comprises a 30.48% stake from the government and a 30.24% stake from LIC.

The Indian government is looking to sell a 60.72% majority stake in IDBI Bank and has invited expressions of interest, it said in a notification on Friday.

State-owned Life Insurance Corporation of India will also be diluting its holding in IDBI Bank as part of the state's divestment process.

The total 60.72% stake sale comprises a 30.48% stake from the government and a 30.24% stake from LIC.

At the end of June the government held 45.48% of IDBI bank while LIC held 49.24%.