The government received several expressions of interest (EoIs) for the strategic sale of stake in IDBI Bank Limited (NSEI:IDBI) held by the Centre and Life Insurance Corporation of India (NSEI:LICI) (LIC). A consortium, two foreign banks and a private equity firm are said to be among those that have submitted the paperwork. “Multiple expressions of interest received for the strategic disinvestment of govt and LIC stake in IDBI Bank,” Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management (DIPAM), tweeted on January 7, 2023.

“The transaction will now move to the second stage.” January 7, 2023, was the last date for submitting EoIs. “There are two foreign banks, one consortium and a private equity firm among those that have submitted EoIs for the (IDBI) bank,” a person aware of the process told ET without giving details. J.C. Flowers & Co.

LLC, The Carlyle Group Inc. (NasdaqGS:CG), Fairfax Financial Holdings Limited (TSX:FFH) and Sumitomo Mitsui Financial Group, Inc. (TSE:8316) are understood to have evinced interest in IDBI Bank during roadshows held by the government for the stake sale. There has been no official confirmation of those that have submitted EoIs.