{
  "id": 17219047,
  "title": "All due processes followed in IDBI Bank's strategic restructuring: Nirmala Sitharaman",
  "url": "https://urgent.news/2026/10/30/all-due-processes-followed-in-idbi-banks-strategic-restructuring",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T11:27:02.000Z",
  "source": {
    "name": "Live Mint",
    "slug": "live-mint",
    "url": "https://www.livemint.com/news/india/all-due-processes-followed-in-idbi-bank-strategic-restructuring-case-fm-11793355895143.html"
  },
  "original_language": "en",
  "account": "Finance Minister Nirmala Sitharaman affirmed that all proper procedures were adhered to during the strategic restructuring of IDBI Bank. The government-led revival of the bank through professionalism, prudence, and recapitalisation of over ₹25,000 crore positioned it for future growth. This transaction follows allegations by Congress leader Rahul Gandhi, who contended that bids were initially considered before the reserve price was established. Business World reported that the government breached its own disinvestment rules, which prevented opening bids prior to a reserve price being set. Fairfax-controlled entity is acquiring a combined 60.72% stake, with the government and LIC retaining 34%. Bids fell short of the reserve price of ₹94.42 per share, leading to a revised valuation exercise where the winning bid of ₹81 per share surpassed the revised benchmark of ₹75.99 and the fair-value estimates from independent agencies. The process remained \"double-blind,\" meaning the bidder was unaware of the valuation and the valuers lacked visibility of the bids. Sitharaman mentioned that IDBI Bank had been in poor condition upon taking over, citing that it had lent to business groups with connections to political figures, resulting in bad loans and significant losses. The finance ministry clarified that internal disinvestment practices were \"indicative guidelines\" and not rigid rules. The process was granted more flexibility in 2017 to facilitate effective implementation. The winning bid was confirmed as reasonable and approved after the second round of best offer bids.",
  "summary": "Union finance minister Nirmala Sitharaman's comments come in response to senior Congress leader Rahul Gandhi’s allegations that bids for IDBI Bank were first seen, and then the sale price was fixed.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}