New Delhi, Oct. 30 -- The Ministry of Finance has defended the valuation and bidding process for the strategic sale of IDBI Bank, stating that the procedure followed by the government helped enhance the transaction value by Rs 3,917 crore. The ministry said the Core Group of Secretaries on Disinvestment (CGD) was empowered to take decisions on the final round of bidding and resolve procedural matters to ensure a smooth disinvestment process.
The clarification comes after the Cabinet Committee on Economic Affairs (CCEA), on October 14, approved the strategic sale of a combined 60.72 per cent stake in IDBI Bank to Canadian investment firm Fairfax Financial Holdings. The transaction is valued at around Rs 53,000 crore, with the approved bid p...