IDBI Bank sale likely to close by fiscal end after RBI nod: Dipam secy

The strategic transaction of IDBI Bank is expected to be completed by the end of the current financial year, subject to regulatory clearance from the Reserve Bank of India (RBI), DIPAM Secretary Arunish Chawla has said.

The successful bidder will submit its technical papers to the RBI and present its credentials, including details required to meet additional compliance and regulatory requirements, he told PTI.

After the RBI clears the successful bidder, he said, the share purchase agreement will be signed, paving the way for the transaction to be completed before the end of the current financial year.

Addressing concerns over the interests of minority and retail shareholders, the Department of Investment and Public Asset Management (DIPAM) Secretary assured that their interests would be fully protected as part of the transaction.

After the share purchase agreement is signed, the strategic buyer will be required to make an open offer to minority shareholders, providing them an ...