IDBI Bank's sale process restarts after earlier bids fell short
The government is giving IDBI Bank's privatization another shot after earlier bids didn't hit the mark.
A special panel is looking into why relying on stock prices (with so few public shares) affected the reserve price.
Right now, the government owns about 45% of the bank, LIC holds 49%, and the rest is with public investors.
Since the last round was canceled, IDBI's share price has dropped nearly 19%, closing at ₹74.28.
New bidders will have to make open offers for minority shareholders
Big names like Fairfax Financial and Emirates NBD showed interest before, and they might not need to redo all their paperwork this time, so things could move faster.
The new bidding will stick to existing rules, with no plans to merge IDBI with any state-run banks.
Whoever wins will need to follow regulations and make an open offer to smaller shareholders too.