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.
Ford to launch new compact car Figo Aspire in India
The automaker was found to have engaged in anti-competitive practices.
GM India has asked customers facing problems with their remote keyless entry accessory to go to their Chevrolet dealer.
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.
Tata Motors Quarteryl profit down 56 per cent on higher input cost
State Bank of India expects decent growth in FY16.
Despite Indian economy recovering, there is very little room for loan growth, say bankers.
Car makers are trying hard to boost sales in India.
Subrata Roy has been held in jail for more than a year.
General Motors aims to grab at least 5 per cent market share in India within the next decade.
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
India is the world's third-largest smartphone market.
Banks are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.
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Some experts believe that building new cities may not be the answer to India's swelling urban population.
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