Govt defends IDBI Bank stake sale, says revised bidding added ₹3,917 crore to deal value

The Finance Ministry defended the valuation process for IDBI Bank's ₹52,878-crore stake sale to Canada's Fairfax Financial Holdings. It said the second round of bidding, during which the reserve price remained unchanged, helped secure a discovered bid price that was ₹3,917 crore higher. The clarification comes amid concerns over the bank's privatisation and valuation process.