IDBI Bank stake sale: Suitors may have to place financial bids by March

Sale expected to end by the middle of next financial year

The Department of Investment and Public Asset Management (DIPAM) has received at least five expressions of interest (EoIs) for the proposed 61 per cent stake and transfer of management control in IDBI Bank.

A consortium of private-equity funds, a foreign financial services firm, a global bank, and a non-banking financial company (NBFC) are among those that have submitted bids, people familiar with the matter told Business Standard.

The process will now move to the second phase, where financial bids will be called after the formalities are completed. They include due diligence of the EoIs and an assessment of Reserve Bank