IDBI Bank Stake Sale Nears Final Stage

The government’s process to sell a 60.72% stake in public sector IDBI Bank has reached its final stage. According to official sources, the government is actively evaluating financial bids submitted by Fairfax Financial Holdings, led by Prem Watsa, and Dubai-based Emirates NBD for the acquisition of the stake. Both bidders have already received clearance from the Ministry of Home Affairs and the Reserve Bank of India to acquire a majority stake in IDBI Bank.

This is the second time Fairfax Financial Holdings and Emirates NBD have submitted bids to acquire a majority stake in the bank. The central government and LIC currently hold a combined 94.71% stake in IDBI Bank. The government’s evaluation of the financial bids is expected to determine the next stage of the disinvestment process.