IDBI Bank privatisation: Government sticking to Dec 16 timeline for receiving bids

The Indian government is likely to seek an extension to meet the 25 percent minimum public shareholding norm for IDBI Bank after it completes the December round of privatisation. People in the know, however, have told CNBC-TV18 that the government doesn't have plans to change the December 16 deadline in terms of receiving expressions of interest for privatisation.

Meanwhile, the expressions of interest for the Container Corporation of India (CONCOR) stake sale are likely to be invited by December.

In terms of the IDBI Bank meeting the minimum public shareholding norm of 25 percent, post-privatisation, it is learnt that discussions are still on about seeking additional time. Further, it is likely that it will have to be a longish timeline needed.

In terms of pricing of the open offer, it is going to be the same as the bid price. SEBI has ruled that at the price at which the winning bid is made, the strategic buyer will have to quote the same price for the open offer. This will also apply to all privatisations in the future.

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