Govt reviews fresh bids for IDBI Bank as stake sale process gathers pace

The government reviewed revised financial bids from Emirates NBD and Fairfax Financial Holdings for the strategic sale of IDBI Bank, with two meetings of the Core Group of Secretaries on Disinvestment held on Monday. The Centre and LIC plan to sell a combined 60.72 percent stake (30.48 percent government plus 30.24 percent LIC), along with transfer of management control, in what is expected to be the largest strategic disinvestment in India's banking sector. IDBI Bank shares rose nearly 3 percent to close at about Rs 86.50 on the BSE.