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Canada's Fairfax Financial Holdings buys majority stake in India's IDBI Bank Reuters
The government will sell a 30.48 per cent stake and LIC 30.24 per cent in IDBI Bank to Fairfax, in what will be the largest FDI in India's financial sector once completed.
Centre Approves 60.72% Stake Sale In IDBI Bank To Fairfax For Rs 52,878 Crore NDTV
The 60.72 per cent stake being acquired by Fairfax will comprise a 30.48 per cent holding of the government and a 30.24 per cent stake held by the Life Insurance Corporation of India (LIC).
Fairfax joins a wave of foreign firms expanding in India, drawn by the burgeoning wealth class and the world's fastest-growing major economy
The successful bidder will be required to present its credentials to the Reserve Bank of India in accordance with the Fit and Proper Assessment conducted at the EoI stage
Canadas Fairfax to buy stake in IDBI Bank as govt okays Rs crore sale
The government and LIC will jointly offload a major portion of their equity holdings while retaining a combined 34 per cent minority stake
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