Industrial Development Bank of India (IDBI) was constituted under Industrial Development Bank of India Act, 1964 as a
Development Financial Institution (DFI) and came into being on July 01, 1964.
It continued to serve as a DFI for 40 years till the year 2004 when it was transformed into a Bank.
Now, Govt. has approved strategic disinvestment of IDBI Bank. So, Govt. of India and LIC both will reduce their equity stake and management control will be given to a private entity.
Under Strategic Disinvestment, Govt. sells 50% or more of its equity stake and transfers management control to a strategic partner (generally a private company).
A promoter is one who has control over the affairs of the company.
