IDBI Bank shares gained 2% on 30 November after the government announced an invitation for the appointment of an asset valuer. This is the second time the government has attempted to appoint a valuer after the previous valuer received a poor response.

Department of Investment & Public Asset Management (DIPAM) said that fresh bids had been invited for an asset valuer for the strategic disinvestment of IDBI Bank through its request for proposal documents.

The government has set 5 January 2024 as the last date to submit a bid, whereas the pre-bid meeting has been scheduled for 18 December 2023.

The bids are scheduled to open on 8 January 2024, after which fresh dates will be announced for the presentation of shortlisted bidders.

Earlier, the request for proposal on 1 September was cancelled as it was believed that the government had received limited participation from interested parties.

A valuer will conduct a fair valuation of all the assets and liabilities that are appearing on IDBI’s balance sheet and will determine the value of IDBI Bank.

At 3:30 pm, the shares of IDBI Bank closed 0.81% higher at Rs 62.50 on NSE.