Govt says IDBI Bank's transparent bidding process added Rs 3,917 Crore to deal value

New Delhi, Oct 30 (UNI) The Ministry of Finance has defended the valuation and bidding process for the strategic sale of IDBI Bank, stating that the procedure followed by the government helped enhance the transaction value by Rs 3,917 crore. The ministry said the Core Group of Secretaries on Disinvestment (CGD) was empowered to take decisions on the final round of bidding and resolve procedural matters to ensure a smooth disinvestment process. The clarification comes after the Cabinet Committee on Economic Affairs (CCEA), on October 14, approved the strategic sale of a combined 60.72 per cent stake in IDBI Bank…