Idbi Bank

IDBI Bank strategic sale scrapped as financial bids below reserve price

The strategic sale of IDBI Bank is likely to have been scrapped as the financial bids put in by potential buyers were below the reserve price, sources said on Friday. The government and LIC were together looking to sell 60.72 per cent in IDBI Bank and had floated an Expression of Interest (EoI) in October 2022. Financial bids came in on February 6. Sources said the financial bids for the IDBI Bank strategic sale have come in lower than the reserve price set by the inter-ministerial group on disinvestment headed by secretaries in the finance ministry. According to sources, the bids for IDBI Bank have been opened and they were below the reserve price set by the IMG and agreed to by the core group on disinvestment, which is chaired by the Cabinet Secretary. Prem Watsa-led Fairfax and Emirates NBD are reported to have put in bids for the strategic sale of IDBI Bank. Currently, the government and state-owned LIC together hold a 94.71 per cent stake in IDBI Bank. The government owns 45.

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