IDBI Bk stake sale followed laid down process: Govt

Contributing sentiments towards policy:

51% : Amid protests by unions and political parties, govt on Thursday asserted that sale of its stake in IDBI Bank, as part of the "strategic restructuring", was in line with the process provided for in the request for proposal (RFP) and the decision was taken following approval by a panel of secretaries, after approval by the cabinet committee on economic affairs.The IDBI Bank process had to be called off earlier this year as the bids were far below the reserve price and govt subsequently invited fresh bids from the two players in the fray and relied on two valuation methods before deciding to sell the stake to Fairfax Holdings.In a statement, it said the first round was in line with its internal practices, which are in the nature of indicative guidelines and not hidebound rules or regulations.

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