Government Seeks Bids for PSU Stake Sale: DIPAM's Strategic Move

The Department of Investment and Public Asset Management (DIPAM) is seeking bids from merchant bankers to aid in the government's stake sale in public sector banks and financial institutions. The selected bankers will assist for three years, guiding on transaction timing and modalities. Proposals close on March 27.

The Department of Investment and Public Asset Management (DIPAM) issued a call for bids from merchant bankers on Monday, aiming to facilitate the government's impending stake sale in public sector banks and financial institutions.

DIPAM's request for proposals outlines a three-year empanelment, extendable by another year, during which selected bankers will advise on transaction timing and methods for equity dilution in selected public sector banks and financial institutions.

Interested bankers have until March 27 to submit bids, with the opportunity to manage transaction sizes categorized into 'A+' for Rs 2,500 crore or more, and 'A' for less than Rs 2,500 crore.