• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar

Govtempdiary

  • Home
  • 7th CPC Calculator
  • Pay Matrix
  • AICPIN

8th Pay CommissionPay Matrix
AICPINDA Calculator 2025

Cabinet approves strategic disinvestment and transfer of management control in IDBI Bank Limited

May 6, 2021 by selva Leave a Comment

Cabinet approves strategic disinvestment and transfer of management control in IDBI Bank Limited

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd. The extent of respective shareholding to be divested by GoI and LIC shall be decided at the time of structuring of transaction in consultation with RBI.

Government of India (GoI) and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). LIC is currently the promoter of IDBI Bank with Management Control and GoI is the co-promoter.

LIC’s Board has passed a resolution to the effect that LIC may reduce its shareholding in IDBI Bank Ltd. through divesting its stake along with strategic stake sale envisaged by the Govt. with an intent to relinquish management control and by taking into consideration price, market outlook, statutory stipulation and interest of policy holders.

This decision of LICs Board is also consistent with the regulatory mandate to it to reduce its stake in the Bank.

It is expected that strategic buyer will infuse funds, new technology and best management practices for optimal development of business potential and growth of IDBI Bank Ltd. and shall generate more business without any dependence on LIC and Government assistance/funds. Resources through strategic disinvestment of Govt. equity from the transaction would be used to finance developmental programmes of the Government benefiting the citizens.

 

source : PIB

Filed Under: CGE Latest News

Recent Posts

  • 8th Pay Commission: Major Salary Hike Expected for Government Employees January 16, 2025
  • CPI-IW November 2024 Update – All-India Consumer Price Index January 6, 2025
  • EPFO UAN Activation 2024: AADHAAR Seeding Guidelines for ELI Scheme December 16, 2024
  • EPS Pension Increase: Updates on Minimum Pension Hike for 2024 December 13, 2024
  • Good News for Ex-Servicemen: ECHS Gets a Major Boost December 12, 2024

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

  • Home
  • 8th Pay Commission
  • 7th CPC Calculator [updated]
  • Pay Matrix
  • Dopt orders
  • DA News
  • AICPIN
  • DA 2024
  • DA Calculator 2025
  • Superannuation Date Calculator

GET FREE EMAIL UPDATE

Secondary Sidebar

Categories

Copyright © 2010–2025 - Central Government Employees News - Govtempdiary