The government of India is likely to scrap the bidding process for the sale of a majority stake in IDBI Bank after the offers received were reportedly below the government’s minimum price expectations, according to a Bloomberg report citing people familiar with the matter.
The move would effectively bring the long-running privatisation attempt to a halt, the report said, with officials declining to disclose the size of the bids or the reserve price set by the government.
The government and state-run insurer Life Insurance Corporation of India (LIC) had planned to sell a 61% stake in IDBI Bank.
Sources cited by the news outlet declined to reveal the identities of the bidders or the exact amounts offered.
This is a developing story. Please check back for updates
