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Indian Express
01-08-2025
- Business
- Indian Express
Govt to invite financial bids for IDBI stake sale by December: DIPAM Secretary
The government is working towards inviting financial bids for strategic stake sale in IDBI Bank by December with interested buyers having completed due diligence and data room norms, Arunish Chawla, Secretary, Department of Investment and Public Asset Management (DIPAM) said on Friday. The successful bidder will be announced by March 2026, he added. The long-pending stake sale process of IDBI Bank will be closely eyed as the government kickstarts the disinvestment process for the bank after being in the works for close to three years. 'Due diligence and data room protocols have been completed for all the interested parties. Also, formal consultations have been completed with qualified interested parties. We hope to invite financial bids in the third quarter of this financial year,' Chawla said, adding that once the financial bids come in and a successful bidder is selected, it will be sent to the Reserve Bank of India (RBI) for final 'fit and proper' clearance. The prospective buyer of IDBI Bank has already been granted security clearance by the Ministry of Home Affairs (MHA) and cleared fit and proper evaluation by the RBI. Along with the Life Insurance Corporation (LIC), the government had in October 2022, invited expression of interest (EoI) from investors for privatising IDBI Bank by selling a total of 60.72 per cent stake. This includes a 30.48 per cent stake of the Government of India and 30.24 per cent of LIC. In January 2023, it received multiple EoIs for IDBI Bank. On Friday, shares of IDBI Bank ended at Rs 90.17 on Friday, down 2.68 per cent from the previous close on the BSE. What are Centre's plans for LIC divestment? For the other major pending disinvestment proposal for LIC which also has been in the pipeline, Chawla said the government has appointed merchant bankers and legal advisors for minority stake sale in LIC, and other public sector financial institutions. 'As far as LIC is concerned, we have completed the RFP (request for proposal) process. The process for appointment of merchant bankers and legal advisors has been completed,' Chawla said. Earlier this year, in February, DIPAM had invited bids from merchant bankers and legal firms to assist the government in divesting its stake in public sector banks and listed financial institutions. As per the two RFPs (request for proposal) floated by DIPAM, the merchant bankers and legal advisors would be empanelled for a period of three years, which could be extended by one more year. 'Individual transactions can happen anytime over the next 3 years,' Chawla said. The government currently holds 96.5 per cent stake in LIC. It had sold 3.5 per cent through an initial public offering in May 2022 at a price band of Rs 902-949 a share that yielded around Rs 21,000 crore. The government needs to offload another 6.5 per cent stake in the public sector life insurer to meet the mandated 10 per cent public shareholding requirement by May 16, 2027. Banks and financial institutions need to meet the minimum 25 per cent public shareholding norm as mandated by the market regulator Sebi. Five PSU banks are yet to meet the minimum public shareholding norm. The government has set August 1, 2026 as the deadline for such non-compliant entities to reduce government holding and meet public float norms. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Time of India
01-08-2025
- Business
- Time of India
'Strategy in works to shield economy from geopolitical risks', says DIPAM secretary; Finance ministry reviewing PSU capex weekly
The finance ministry is conducting weekly capital expenditure reviews of all public sector undertakings (PSUs) and is working on strategies to shield the Indian economy from emerging geo-political risks, DIPAM Secretary Arunish Chawla said on Friday. 'We are doing capital review of all public sector undertakings on a weekly basis and we are working on strategies which can insulate our economy from geo political risks,' Chawla said, quoted PTI. The Department of Investment and Public Asset Management (DIPAM) secretary also noted that public sector enterprises now account for nearly 15% of India's total market capitalisation, and the government is confident that they will continue to sustain their capital expenditure momentum. His comments come amid heightened global uncertainty following US President Donald Trump's decision to impose 25% tariffs on India, along with an additional penalty linked to India's trade relations with Russia. The new tariff regime is set to take effect from August 7. The move has triggered fresh volatility in domestic markets. The Sensex and Nifty fell sharply for the second consecutive session on Friday, as pharma, metal and IT stocks led the decline amid trade-related worries and widespread global selling pressure. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
News18
01-08-2025
- Business
- News18
Undertaking weekly capex review of PSUs, says DIPAM secy
New Delhi, Aug 1 (PTI) Department of Investment and Public Asset Management (DIPAM) is undertaking weekly review of capital expenditure of all public sector undertakings and is working on strategies that can insulate them from geopolitical risks, Secretary Arunish Chawla said on Friday. The secretary in the Department or Investment and Public Asset Management (DIPAM) said public sector enterprises now account for almost 15 per cent of the total market capitalisation and the government is confident they will continue with their capital expenditure. 'We are doing capital review of all public sector undertakings on a weekly basis and we are working on strategies that can insulate our economy from geopolitical risks," Chawla told reporters. US President Donald Trump has announced 25 per cent tariffs on India, plus a 'penalty" for its trade with Russia. The tariffs will come into effect from August 7, however, there is no clarity on penal provision. The tariffs have rattled equity markets with Sensex and Nifty declining sharply for the second straight session on Friday, tracking deep losses in pharma, metal, and IT stocks amid trade-related concerns and widespread selling pressure in global markets. The announcement of duty and penalty is being seen as a pressure tactic to get New Delhi to agree to demands made by the US, which has, in recent days, got favourable trade deals with major partners like Japan, the UK, and the European Union. India is the first country to face a penalty for Russian imports. Previously, Trump slapped high tariffs on China but refrained from levying any penalty despite Beijing being Russia's largest oil importer. PTI JD TRB view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Economic Times
01-08-2025
- Business
- Economic Times
Govt appoints merchant bankers, legal firms for managing stake sales in LIC, PSBs, other fin institutions
The government has appointed merchant bankers and legal advisors for minority stake sales in LIC and other public sector financial institutions, Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on Friday. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The government has appointed merchant bankers and legal advisors for minority stake sales in LIC and other public sector financial institutions, Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on Friday."As far as LIC is concerned, we have completed the RFP process. The process for appointment of merchant bankers and legal advisors has been completed," Chawla said, adding that the merchant bankers will work for all financial February, DIPAM had invited bids from merchant bankers and legal firms to assist the government in divesting its stake in public sector banks and listed financial per the two RFPs (Request for Proposal) floated by DIPAM, the merchant bankers and legal advisors would be empanelled for three years, which could be extended by one more year."Individual transactions can happen anytime over the next three years," Chawla said, adding that merchant bankers will look after all the transactions related to financial institutions and public sector which is under the Finance Ministry, manages government shareholding in public sector a host of public sector banks and financial institutions are yet to meet the minimum 25 per cent public shareholding norm as mandated by the market regulator government has set August 1, 2026, as a deadline for such non-compliant entities to reduce Government holding and meet public float government currently holds a 96.5 per cent stake in LIC. It had sold 3.5 per cent through an initial public offering (IPO) in May 2022 at a price band of Rs 902-949 a share. The share sale fetched the government around Rs 21,000 government needs to offload another 6.5 per cent stake in the public sector life insurer to meet the mandated 10 per cent public shareholding requirement by May 16, five PSU banks are yet to meet the minimum public shareholding government currently holds a 98.3 per cent stake in Punjab & Sind Bank , 96.4 per cent in Indian Overseas Bank , 95.4 per cent in UCO Bank , 93.1 per cent in Central Bank of India and 86.5 per cent in Bank of Maharashtra It holds an 86.36 per cent in the financial institution IRFC, 85.44 per cent in the insurance company The New India Assurance, and 82.40 per cent in General Insurance Corporation.
Time of India
01-08-2025
- Business
- Time of India
FinMin working on strategy to insulate economy from geo political shocks: DIPAM Secretary
The finance ministry is doing weekly capital review of all public sector undertakings and is working on strategies that can insulate the Indian economy from geo-political risks , DIPAM Secretary Arunish Chawla said on Friday. The secretary in the Department or Investment and Public Asset Management (DIPAM) said public sector enterprises now account for almost 15 per cent of total market capitalisation and the government is confident they will continue with their capital expenditure . Explore courses from Top Institutes in Please select course: Select a Course Category PGDM Finance Healthcare Design Thinking Data Analytics Artificial Intelligence Management Cybersecurity Leadership Others Data Science Data Science healthcare Degree CXO Operations Management MCA Public Policy Technology Project Management others Digital Marketing MBA Product Management Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details "We are doing capital review of all public sector undertakings on a weekly basis and we are working on strategies which can insulate our economy from geo political risks," Chawla said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here To Read More on legal services Best Solutions | Search ads Undo US President Donald Trump has announced 25 per cent tariffs on India, plus a 'penalty' for its trade with Russia. The tariffs will come into effect from August 7. The tariffs have rattled equity markets with Sensex and Nifty declining sharply for the second straight session on Friday, tracking deep losses in pharma, metal, and IT stocks amid trade-related concerns and widespread selling pressure in global markets.
