The department of investment and public asset management (DIPAM) has extended the application deadline to October 30 for firms interested in working as asset valuer for the strategic disinvestment of IDBI Bank.
Earlier, the last date for submission of bids by asset valuers was October 9. According to the eligibility criteria, the asset valuer entity has to be registered with the Insolvency & Bankruptcy Board of India . On January 7, the Centre received multiple expressions of interest (EoIs) from domestic and foreign investors for the 60.72% stake in IDBI Bank, which will go to the successful bidder along with management control. The offer comprises 30.48% from the government and 30.24% from LIC, the current promoter.
In order to determine the value of IDBI Bank, the asset valuer is required to carry out the fair valuation of all the assets and liabilities appearing on the balance sheet of the bank, as on a date prescribed and notified by DIPAM, on an “as is where is basis”.