Kenya, March 16 -- According to media reports, financial bids from potential buyers were lower than the reserve price set by the inter-ministerial group on disinvestment in the finance ministry. The price was approved by the core group on disinvestment chaired by the Cabinet Secretary. The government and Life Insurance Corporation of India (LIC) were planning to sell a 60.72% stake in IDBI Bank. The Centre and LIC proposed parting with 30.48% and 30.24% stakes, respectively. The Centre currently holds 45.48% in the lender while LIC owns 49.24%.

The strategic disinvestment process began in October 2022 when the government and LIC invited expressions of interest (EoI) from potential investors. Financial bids were reportedly submitted on 6 ...