India to Seek Bids for $7 Billion IDBI Bank Stake

India is going to sell a big part of IDBI Bank, which is worth about $7.1 billion.

The government and a big insurance company called LIC own most of the bank.

They want to sell it to private companies.

Some banks like Kotak Mahindra, Emirates NBD, and Fairfax Financial are interested in buying it.

The bank used to have a lot of bad loans, but it's doing better now.

The government hopes to finish the sale by next March, but it might take longer because of approvals.

The bank's stock has gone up a lot this year.