Centre gears up for privatisation of IDBI

Setting the wheels in motion to privatise IDBI Bank, the Centre may begin selling part of its holding and that of the biggest promoter Life Insurance Corporation in the bank from next month. The Union Cabinet is likely to deliberate on the amount of stake – out of 45.28 per cent held by the Centre and 49.24 per cent held by the LIC – to be offloaded in its next meeting. Subsequent to obtaining the Cabinet approval, financial roadshows will be organised by end of next month for selling the bank.