Deals
India Near Sale of IDBI Bank Stake to Top Insurer
- Deal may be announced as early as next month, people said
- IDBI Bank’s shares surged most in two weeks in Mumbai
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India’s government is likely to sell a part of its stake in IDBI Bank Ltd. as early as next month and potential buyers include the country’s top insurer, said people familiar with the matter.
Potential investors would include Life Insurance Corporation, the people said, asking not to be identified as the information isn’t public. The sale would lower the government’s stake to below 50 percent from about 81 percent, they said.