India Said to Weigh Selling at Least 51% of $5 Billion IDBI Bank
- Government, LIC in talks to decide exactly how much to sell
- Sale comes as India seeks to divest state assets to raise cash
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India’s government is considering selling at least 51% of state-backed IDBI Bank Ltd., according to people with knowledge of the matter.
Officials in the government and the state-backed Life Insurance Corp. of India, which together own about 94% of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell, the people said. Both parties are expected to retain a stake in the lender after the sale, the people said, asking not to be identified as the information is confidential.