India has received revised bids for the sale of its stake in IDBI Bank from Canada’s Fairfax Financial and Dubai’s Emirates NBD, with the process expected to be completed within a month, a government source said on Tuesday.
Shares of IDBI Bank were trading 3.3% higher at 86.82 rupees as of 10:34 a.m. IST.
The bids are being evaluated, and a top panel of bureaucrats met on Monday to discuss the stake sale in which the federal government and state-run Life Insurance Corp of India LIFI.NS are selling a combined 60.7% stake, another government source said.
The Indian government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
The finance ministry, IDBI, LIC, Fairfax and Emirates did not immediately respond to requests for comment.
Earlier on Tuesday, Bloomberg News reported that Fairfax was the frontrunner to buy the stake.
The sale process was restarted this month after bids from buyers in March were below the government’s minimum price expectations, the first source said.
Reuters had reported earlier that the government had shelved the sale after bids for the stake sale came in below its price requirements.
The Indian government and LICfirst started the sale process in 2022.
Reuters
