IDBI Bank Shares Rise Nearly 20% as Government Considers Reviving Privatisation
Shares of state-owned IDBI Bank surged nearly 20% amid reports that the government is considering reviving the lender's long-delayed privatisation. The Centre is reportedly reviewing options, including reassessing previously rejected bids from Fairfax Financial and Emirates NBD that did not meet the undisclosed reserve price. The government is exploring legal provisions to accept offers below the reserve price and aims to finalize a decision soon to enhance non-tax revenue. The sale will require regulatory approvals and RBI clearance of the successful bidder.