India halts IDBI Bank stake sale as bids miss target – report [Yahoo! Finance]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
smfg.co.jp/english/investor
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Source: Yahoo! Finance
The privatisation process has been suspended for now, with details remaining confidential and no response from the Finance Ministry to requests for comment. While the identities of the bidders were not officially disclosed, previous reports indicated that Fairfax Financial and Emirates NBD were among those seeking to acquire a controlling interest. The 61% stake slated for sale held jointly by the government and Life Insurance Corporation of India (LIC) is estimated to be worth about $6.5bn at current market valuations. At present, the government owns 45.48% of IDBI Bank, and LIC holds 49.24%. Efforts to reduce state involvement in the banking sector have included attempts to privatise IDBI Bank, which has shown signs of recovery in recent years due to improved asset quality and capital support. Sources suggest that a fresh sale process may be considered once market conditions are more favourable and buyer interest increases, according to Reuters Some recent foreign inves
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SMFG
Sec Filings
- 3/6/26 - Form 6-K
- 3/3/26 - Form 6-K
- 2/25/26 - Form 424B2
- SMFG's page on the SEC website