Centre approves 60.72% IDBI Bank stake sale to Fairfax arm
In short
India’s Cabinet approved selling 60.72% of IDBI Bank to a Fairfax Group arm for Rs 52,878 crore. The government and LIC will keep a combined 34% stake after the restructuring.
This is a major banking-sector sale and could change control of the lender. The deal still needs regulatory steps, including RBI review of the bidder.
What the reporting says
The Cabinet Committee on Economic Affairs approved the strategic sale of IDBI Bank to a Fairfax Group arm, according to publisher-supplied summaries. The deal is described as a 60.72% stake sale worth Rs 52,878 crore, with the government and LIC retaining a combined 34% in the restructured entity. The reporting says the successful bidder must still undergo RBI fit-and-proper checks, so regulatory clearance remains an outstanding step.
Why it matters
The Cabinet Committee on Economic Affairs has approved the strategic sale of a 60.72% stake in IDBI Bank to a Fairfax Group arm, with the transaction valued at Rs 52,878 crore in the source summary. The government and LIC are reported to retain a combined 34%, while the successful bidder must present credentials to the RBI under fit-and-proper checks. The sale is being described as a major financial-sector FDI event, but final regulatory approvals are still pending.