India Cancels IDBI Bank Stake Sale After Bids Fall Below Reserve Price

The Indian government and Life Insurance Corporation of India (LIC) have cancelled the strategic sale of their combined 60.72% stake in IDBI Bank after financial bids from shortlisted investors, including Fairfax Financial Holdings and Emirates NBD, fell below the reserve price set by the government. The bidding process, initiated in October 2022, involved security and regulatory clearances, but the government may restart the sale when market conditions improve. Kotak Mahindra Bank did not participate in the financial bidding.