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The government, in collaboration with LIC, aims to divest its holdings in IDBI Bank, with a joint decision to sell a 60.7% stake in the bank.
On September 12, the NCLAT rejected IDBI Trusteeship's appeal against Direct Media Ventures, a different ZEEL firm.
The Indian government and LIC currently hold approximately 95 % of the bank's shares.
The NCLT order had rejected IDBI Bank's plea to initiate insolvency proceedings against Zee Entertainment
The deadline is for submitting initial offers for the privatization of IDBI Bank.
While the government would decrease its investment from its current 45.5% to 15%, LIC, which now controls 49.2% of IDBI Bank, will lower its interest to 19%.
Invoking the pledge of Reliance Capital's 100% ownership of Reliance General, IDBI Trusteeship Services Limited, acting as a debenture trustee on behalf of Credit Suisse, transferred the shares to its account in November 2019.
According to those with knowledge of the situation, government and LIC are thinking of selling at least 51% of their stake in the $5 billion bank , IDBI
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.