Cabinet Approves Sale Of 60.72% Stake In IDBI Bank To Fairfax Financial For ₹52,878 Crore
The Cabinet Committee on Economic Affairs has approved the sale of a 60.72% stake in IDBI Bank to 10955230 Canada Inc., a subsidiary of Fairfax Financial Holdings, for ₹52,878.08 crore.
After the sale, the Government of India will retain a 15% stake and LIC will hold 19% in IDBI Bank. The government has also been permitted to sell its remaining stake in the open market separately.
The buyer still needs to fulfil conditions set by the RBI before the deal is finalised.
