PIB News
FAQs on IDBI Bank Ltd.'s Strategic Restructuring
The Ministry of Finance has confirmed that M/s 10955230 Canada Inc., part of Fairfax Financial Holdings Ltd., has been approved as the strategic buyer for IDBI Bank Ltd. The transaction involves a purchase consideration of approximately Rs. 52,878 crores, with 60.72% of the bank's stake being sold, split between the Government of India and the Life Insurance Corporation of India. This sale includes a 30.48% shareholding from the government and a 30.24% shareholding from LIC. The bidding process saw five initial expressions of interest, with four qualifying and two submitting final bids.
The Radius summarizes this story. Read the original report from PIB News.
Read Full