IDBI Bank strategic sale may take more than a year: Sources

During a presentation before the Department of Investment and Public Asset Management (DIPAM) held recently, most of the eligible transaction advisers gave a time-frame of 50-52 weeks to undertake several stages of the privatisation process of IDBI Bank, market sources said.

However, the government intends to complete the transaction during the current fiscal itself. Thus the merchant banker has to find a buyer in about 26 weeks or six months.

According to market sources, as many as seven bids -- Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities Ltd, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets Ltd -- were received.

DIPAM on behalf of Government of India had floated a tender in June inviting bids from transaction advisors from reputed professional consulting firms or investment bankers or merchant bankers or financial institutions for facilitating and assisting strategic disinvestment of IDBI Bank. The last date for submission of bids was July 13.