Fairfax to Acquire 60.72% Stake in IDBI Bank for Rs.53,000 Crore
Fairfax Financial Holdings will acquire the stake for around Rs.53,000 crore ($5.5 billion), according to the report. The deal is poised to become the largest foreign investment in an Indian bank. Fairfax will engage former HDFC Chairman Deepak Parekh and former HDFC Bank Deputy MD Paresh Sukthankar as consultants.
New Delhi, Oct. 17 -- Fairfax Financial Holdings will acquire a 60.72% stake in IDBI Bank for around Rs.53,000 crore ($5.5 billion), in what is poised to become the largest foreign investment in an Indian bank.Fairfax will engage former HDFC Chairman Deepak Parekh and former HDFC Bank Deputy MD Par…