Government invites bids to engage asset valuer for IDBI Bank sale

The government is looking to engage an asset valuer for valuing assets and providing assistance in the strategic disinvestment of IDBI Bank.

The government along with the LIC is selling nearly 61 per cent stake in IDBI Bank and has received multiple Expressions of Interest (EoI) for the same.

At present, the government and RBI are in the process of vetting the bids received. Security clearance from the government and ‘fit and proper’ clearance from the RBI would be necessary for the bidders to move to the second stage of bidding process which is due diligence and subsequent invitation of financial bids.

The Department of Investment & Public Asset Management, on behalf of Gol and LIC, on Monday floated an RFP to engage a “reputed Asset Valuer Entity — registered with Insolvency & Bankruptcy Board of India (IBBI), to act as the Asset Valuer for undertaking the IDBI Bank assets’ valuation and provide requisite assistance in the process of strategic disinvestment of IDBI Bank, till the completion of the transaction”.

The last date to submit bids is October 9.

The asset valuer would be required to value IDBI Bank’s investments; loans & advances; fixed assets and other assets.