Fairfax Set to Acquire 61% of IDBI Bank for $5.6 Billion
Canada’s Fairfax is set to acquire a 61% stake in IDBI Bank for $5.6 billion, in what the report describes as the largest foreign investment in an Indian lender.
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05:51:12 AM UTC
SquawkNews
New Delhi, Oct. 15 -- After the government's decision to sell 60.72 per cent stake in IDBI Bank to Canada's Fairfax Financial Holdings, speculations are rife that India's financial services sector could see even more dealmaking as foreigners look to deepen their exposure.The Cabinet approved the sa…
6 bln, marking the largest foreign investment in an Indian lender. The valuation is low for Fairfax and gives state rescuer LIC an adequate return. The transaction will test whether New Delhi is prepared to step back.