The sale of IDBI Bank’s stake in IDBI-Federal Life Insurance is being scrapped after LIC’s entry into the bank as a major financial investor queered the pitch for prospective bidders. People close to the development said that most bidders had already pulled out except for Aditya BirlaNSE -1.11 % Capital, and that LIC’s imminent investment in the stressed lender may prompt the process to be officially called off.
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