Indian government reviews fresh bids for 60.72% IDBI Bank stake
The Indian government is reviewing fresh bids to sell off a major 60.72% stake in IDBI Bank.
Two big players are in the running: Fairfax Financial Holdings, backed by Prem Watsa, and Dubai's Emirates NBD.
Their first offers did not hit the mark, but they came back with new bids after a pause in the process.
Government and LIC combined IDBI stake
This sale combines shares from both the government and Life Insurance Corp. of India (LIC): basically, almost two-thirds of IDBI Bank could change hands.
Fairfax already owns a big piece of CSB Bank, while Emirates NBD controls RBL Bank.
Both have security clearance from the Ministry of Home Affairs and a 'Fit and Proper' assessment from the Reserve Bank of India, so now it's just down to who gets the final nod.
IDBI divestment could reshape Indian banking
This move is part of the IDBI Bank sale being evaluated for divestment, so it could shake up how banks work here going forward.