Revised Bids for IDBI Bank from Fairfax and Emirates NBD

India received revised financial bids from consortiums led by Canada’s Fairfax Financial and Dubai’s Emirates NBD for a majority stake in IDBI Bank. The sale is likely to close within a month, a government source told Reuters on Tuesday.

The revised bids mark progress in a privatization process that has dragged on for years. IDBI Bank is one of the few state-run lenders where the government owns a controlling stake. A successful sale would be the first majority-stake sale of a public-sector bank in recent years, a benchmark for the government’s broader divestment program.

Shares of IDBI Bank rose 2.8% to ₹86.38 as of 10:06 a.m. IST.

The government source did not disclose the exact bid amounts or the valuation. The Department of Investment and Public Asset Management is overseeing the process.