IDBI Bank
appoints DSP Merrill Lynch
Our Banking Bureau
16 April 2002
 New
Delhi: IDBI Bank
has appointed DSP Merrill Lynch for finalising the sale of 26-per
cent stake in the next few months. This is part of the bank’s
plans to garner Rs 300-400 crore and bring down IDBI’s stake to
around 40 per cent, in line with the Reserve Bank of India’s new
stipulations.
 According
to IDBI Bank chairman M S Verma the bank plans to increase its
business by about Rs 3,000 crore in 2002-03. “The bank is mainly
looking for financial partners and not other banks. We are not
looking for strategic partners as we are not interested in parting
with the management control at present.”
“DSP Merrill Lynch will carry out the valuation of the shares
that will be offered at a premium to the partners,” says IDBI
Bank CEO and managing director Gunit Chadha. As a result of this,  IDBI’s
stake will come down to 42 per cent. The bank has a capital of Rs
140 crore and reserves of Rs 128 crore.
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