GET READY for Twitter Campaign! #BlackDiwaliForIDBI
A National Asset built through decades of hard work cannot be sold at a throwaway price!
Let every Banker, Bank Union and Citizen raise their voice.
We will fight till Roll Back of IDBI Sale!
#BlackDiwaliForIDBI
Desh pehle? Then daam bhi pehle.
Let me put the IDBI sale in plain words. Imagine your house is worth ₹100 in the market. You sell it for ₹96, hand over the keys, and refuse to show anyone the valuation report. Would you call that a good deal? That is roughly where IDBI stands.
At a market cap of ₹90,266 cr, the 60.72% stake is worth about ₹54,800 cr. It was sold for ₹52,878 cr, below market, and without the control premium buyers usually pay when they take over a company. The buyer's own Indian bank, CSB, is about 16 times smaller than IDBI. This is not a sick bank being rescued; it earned ₹9,513 cr last year and holds ₹3.25 lakh cr of ordinary people's deposits.
And 20,123 employees still haven't seen a single line of the sale agreement that decides their future.
I'm not calling it a scam. I'm asking for three things: the valuation reports, the gap between the two final bids, and the staff clauses. That is not anti-reform; it is the bare minimum of probity.
So here is my open challenge. Prove me wrong with facts, and I'll withdraw publicly. If you can't, don't stay silent. Come, join us.
@DIPAM_India @FinMinIndia@idesibanda #RollBackIDBISale
IDBI Bank must not be made to finance its own takeover, directly or indirectly. Using the bank’s capital to acquire businesses linked to the prospective buyer raises serious questions of valuation, transparency and conflict of interest.
Stop the rigged deal.
#RollBackIDBISale