New Delhi, Nov. 6 -- The government opted to continue with the IDBI Bank disinvestment exercise by giving bidders another opportunity to improve their offers, rather than abandoning the existing process, DIPAM Secretary Arunish Chawla said. He clarified that the reserve price remained unchanged throughout the exercise.

During a conversation with CNBC-TV18, Chawla described the chances of attracting a fresh buyer prepared to pay Rs.52,000 crore for the combined government and Life Insurance Corporation of India (LIC) stakes as "very, very remote".

He stated the authorities weighed three alternatives - cancelling the initial bidding exercise, accepting the offer already received, and inviting improved bids - before the Core Group of Secre...