India Approves Sale of 60.72% Stake in IDBI Bank to Fairfax
The Cabinet Committee on Economic Affairs approved the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings.
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The Cabinet Committee on Economic Affairs approved the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings.
The Union Cabinet approved the sale of a stake in IDBI Bank to Fairfax Financial Holdings at Rs 81 per share. IDBI Bank shares fell 7% in early trade on Thursday, October 15.
The Union Cabinet approved the strategic sale to Fairfax Financial Holdings.
The government approved the sale of a combined 60.72% stake in IDBI Bank by the Centre and LIC to a Fairfax-backed entity for Rs.52,878 crore, the finance ministry said.
India’s Cabinet Committee on Economic Affairs approved the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings for Rs.52,877 crore.
The Union Cabinet approved the sale of a stake in IDBI Bank to Fairfax Financial Holdings for over ₹52,000 crore, according to the report.