Government approves ₹52,878 crore IDBI Bank stake sale to Canadian firm
- The Union Cabinet approved the sale of a 60.72% stake in IDBI Bank to Canada's Fairfax Financial Holdings for ₹52,878 crore.
- • The government will sell 30.48% of its stake, while Life Insurance Corporation of India LIC will sell another 30.24%.
- After the deal, the government will retain 15% ownership and LIC 19%, while Fairfax will become the bank's majority shareholder.
- The deal, priced at ₹81 per share, could become India's largest foreign investment in banking, subject to regulatory approvals.
Source: ddindia.co.in
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