Fairfax Financial Holdings to Acquire 60.72% Stake in IDBI Bank

 Fairfax Financial Holdings to Acquire 60.72% Stake in IDBI Bank

• Who: Canada-based Fairfax Financial Holdings Ltd emerged as preferred bidder to acquire 60.72% stake in IDBI Bank Ltd from GoI [45.48%] and LIC [49.24%] in Rs 52,932 Cr [USD 5.5 Bn] deal - will divest 30.48% + 30.24% respectively.
• Offer: Revised to Rs 81 per share.
• Significance: Largest foreign investment in Indian bank, subject to RBI, CCI, SEBI open offer approvals. Strengthen foreign investor confidence, support asset monetisation and banking reform.
• About IDBI Bank: Estd 1964, HQ Mumbai, MD & CEO Rakesh Sharma, tagline "Bank Aisa Dost Jaisa".
• UPSC Relevance: GS3 - Banking, Disinvestment, FDI in banking.