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BANKING

Centre approves IDBI Bank stake sale to Fairfax for ₹52,878 crore

Deccan Age · Business · 2 min read
Stock exchange building in Mumbai
Photo: Wikimedia Commons contributors (CC BY / CC BY-SA) — full credits

The CCEA cleared Fairfax Financial as strategic buyer for a 60.72% stake, the largest-ever FDI in India's financial sector.

The Cabinet Committee on Economic Affairs has approved Fairfax Financial Holdings as the strategic buyer for a 60.72% stake in IDBI Bank for ₹52,878 crore. The deal involves shares currently held by the government and LIC.

Once completed, the transaction will be the largest foreign direct investment in India's financial sector, marking a milestone for the Centre's bank privatisation push. IDBI Bank has been on the divestment list for several years.

The approval clears one of the biggest hurdles in the sale process. Market watchers will now look at the open-offer and completion timelines, as well as how the new strategic owner reshapes the lender's direction.

Originally reported by The Hindu BusinessLine. Article compiled by the Deccan Age desk.
#IDBI Bank#Fairfax#Divestment#Banking

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