Across India, decades of mismanagement and political meddling have left utilities selling electricity below cost and turning a blind eye to rampant theft.
At the current market price of the stock, that stake would be valued at about $1.5 billion.
A total of 41 companies had applied for the permit
The spike at private sector lenders like ICICI Bank and Axis Bank follows a push to grab market share from India's dominant state banks.
Local businesses are fretting over reform setbacks.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
The government plans to transfer all subsidies including food, fertiliser and kerosene, potentially taking direct payments to more than $60 billion.
Bad debt rules are steps in right direction.
State Bank of India expects decent growth in FY16.
Despite Indian economy recovering, there is very little room for loan growth, say bankers.
India's tech start-ups are following Silicon Valley's lead and embracing the "fail fast" culture.
Axis Bank has reported a better-than-expected 18.4 per cent increase in quarterly net profit.
ICICI Bank puts up a good show in Q4.
Infosys has been making bets on automation and other high-margin services like artificial intelligence to regain some ground
Banks are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.
Lenders fret over stubbornly weak credit growth and still high funding costs.
India's state banks are under pressure to improve profitability.
State-owned banks have amassed bad loans faster than private sector lenders.
RBI moves to restrict bank exposure to corporate loans.
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