Tag: IDBIBank

The government’s plan to privatise IDBI Bank has slowed after bids for its majority stake reportedly fell short of expectations. The Centre and Life Insurance Corporation of India aimed to sell about 60.7% stake in the lender as part of the country’s disinvestment programme.

However, the financial offers received were below the reserve price, leading authorities to pause the sale process. Reports said potential bidders included Fairfax Financial Holdings and Emirates NBD. Following the development, shares of IDBI Bank declined amid investor concerns.

Officials may revisit the privatisation plan later depending on market conditions and renewed investor interest.

The government has received financial bids for the strategic privatisation of IDBI Bank, marking a key step in the disinvestment process, the Department of Investment and Public Asset Management (DIPAM) said.

The bids, including from Kotak Mahindra Bank, Fairfax India Holdings, and Emirates NBD, cover the 60.72% stake held by the Centre and LIC. These offers will now be evaluated as per procedure to select a preferred bidder, followed by regulatory approvals.

The move aligns with the government’s broader plan to reduce its stake in non-core sectors and raise revenue.