IDBI stake sale back on table, government keen to speed up process
Government resumed IDBI Bank stake sale process after rejecting earlier bids below reserve price.
Two qualified bidders are Prem Vatsa's Fairfax and Emirates NDB.
Centre and LIC together hold 94.7% in IDBI Bank, plan to sell 60.7%.
Recent foreign investments in Indian banking include Sumitomo Mitsui's stake in Yes Bank, Emirates NDB's majority acquisition of RBL Bank, and Mitsubishi UFJ's investment in Shriram Finance.
Fairfax reportedly submitted a fresh bid, causing IDBI Bank shares to rise nearly 3% to Rs 86.5.
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