New Delhi, March 13 -- The government's efforts to sell a majority stake in IDBI Bank are likely to be scrapped, with both bids received below the reserve price, according to sources.

Fairfax Financial Holdings Ltd and Emirates NBD were the two bidders for the IDBI Bank sale, but their offers were reportedly lower than the government's reserved price.

The IDBI Bank stake sale process has been ongoing for nearly three years.

In 2023, the government and the Life Insurance Corporation (LIC) decided to offload a little over 30 per cent each in IDBI Bank. They issued a preliminary information memorandum, inviting EoIs for an aggregate 60.72 per cent stake, along with management control.

The Government of India and LIC together own more tha...