DIPAM Secretary Arunish Chawla said the IDBI Bank reserve price was neither raised nor refixed after the first bidding round, becoming functus officio. The Cabinet Group of Secretaries on Disinvestment chose to invite qualified bidders to improve offers rather than restart the process, which advisers said was unlikely to find another buyer near Rs 50,000 crore. The winning offer values the transaction at Rs 52,878 crore.
IDBI Bank sale reserve price never refixed, says DIPAM chief
Source: Moneycontrol