The Union Cabinet has approved the sale of a 60.72% stake in IDBI Bank to Canada-based Fairfax Financial Holdings Ltd for ₹52,878 crore. The deal, valued at over ₹52,000 crore, is India's largest foreign direct investment in the financial sector. The government expects to receive ₹26,300 crore from the sale, with the Canadian firm set to acquire a majority stake in the bank.
Source: thehindubusinessline.com
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According to verified reporting, The Union Cabinet has approved the sale of a 60.72% stake in IDBI Bank to Canada-based Fairfax Financial Holdings Ltd for ₹52,878 crore.
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