India to scrap bids for majority stake in IDBI Bank: Report

India is set to shelve the bids it received for a majority stake in its state-owned IDBI Bank , as the amounts were below the minimum price sought, Bloomberg ‌News reported ⁠on ⁠Friday, citing people with knowledge of the matter.

Reuters ​could not immediately verify the report.

IDBI Bank and ​India’s finance ministry didn’t immediately respond to a Reuters request for comment outside regular business ​hours.

The Indian government and ⁠state-owned Life ‌Insurance Corporation of India plan ​to ​sell 60.7% of the lender as ⁠part of a broader government privatisation ​programme.

India’s government owns 45.48% of ​IDBI Bank, while LIC holds 49.24%.

This development brings a halt to the sale process, Bloomberg reported, adding that the people familiar with the matter declined to ‌quantify the bids, the government’s so-called reserve price, or the bidders.

Earlier in February, Reuters reported that ⁠the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial, Emirates NBD, and Kotak Mahindra Bank.

Kotak Mahindra Bank subsequently said in February that it had not submitted a financial bid for IDBI Bank.