CORPORATE
IDBI sale junked as bids by Fairfax and Emirates NBD below reserve price
- IBJ Bureau
- Mar 14, 2026
The strategic sale of IDBI Bank has been scrapped, as the financial bids put in by potential buyers were below the reserve price, according to sources aware of the developments.
The government and LIC were together looking to sell 60.72 per cent in IDBI Bank and had floated an Expression of Interest (EoI) in October 2022. Financial bids came in on February 6.
The financial bids for IDBI Bank’s strategic sale had come in lower than the reserve price set by the Inter-Ministerial Group (IMG) on Disinvestment, headed by secretaries in the Finance Ministry.
According to sources, the bids for IDBI Bank had been opened and were below the reserve price set by the IMG and agreed to by the core group on disinvestment, which is chaired by the Cabinet Secretary.
Prem Watsa-led Fairfax and Emirates NBD are reported to have put in bids for the strategic sale of IDBI Bank.
Currently, the government and State-owned LIC together hold a 94.71 per cent stake in IDBI Bank. The government owns 45.48 per cent, and LIC holds 49.24 per cent in the lender.
Of this, the government and LIC were looking to sell 60.72 per cent in IDBI Bank, with the Centre and LIC paring 30.48 and 30.24 per cent stake respectively.
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