IDBI Bank sale row: Finance Ministry defends valuation process, says reserve price was not changed

The finance ministry has defended the valuation process used in the IDBI Bank stake sale, saying the methodology and bidding procedure were reviewed and approved by the core group of secretaries on disinvestment. It said Fairfaxs Rs 81-a-share bid was above the benchmark and independent fair-value estimates, while safeguards such as a double-blind process and limited tax indemnity helped maximise value for the government and LIC.