PIB News
FAQs on IDBI Bank Ltd.'s Strategic Restructuring
The Cabinet Committee on Economic Affairs has approved M/s 10955230 Canada Inc., a subsidiary of Fairfax Financial Holdings Ltd., 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 parties qualifying and two submitting final bids.
The Radius summarizes this story. Read the original report from PIB News.
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