The official said that since the commencement of the IDBI Bank privatisation process in May last year, the share price has jumped from Rs 35 a share to Rs 45 a piece currently
IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, following the acquisition of an additional 82,75,90,885 equity shares.
This meant that bidders who qualified in the first or the Expression of Interest (EoI) round, were required to seek security clearance from the government while placing their financial bids
The preparation for privatization of IDBI Bank is going on, he said during a media interaction at the LIC IPO briefing.
Earlier, the sale of majority or minority stake in subsidiaries or units of PSEs was undertaken by the Department of Investment and Public Asset Management (DIPAM)