India sells majority IDBI Bank stake to Canada's Fairfax
Canadian billionaire Prem Watsa's Fairfax Financial Holdings will acquire a 60.72% controlling stake in IDBI Bank for Rs 52,878 crore, about $5.6 billion.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
India's government approved selling a 60.72% controlling stake in state-owned IDBI Bank to Fairfax Financial Holdings for Rs 52,878 crore. Canada's Minister of International Trade, Maninder Sidhu, welcomed the deal and pointed to wider investment potential between the two countries. IDBI Bank shares fell 7% after the sale was announced.
Why it matters
The deal is seen as a sign that India is open to foreign investment and is reducing state ownership in banking.
Timeline
- Oct 14, 7:22 AM ET: The Indian government said Canada's Fairfax Financial Holdings will buy a majority stake in IDBI Bank.
- Oct 14, 11:52 AM ET: Canada's Minister of International Trade, Maninder Sidhu, welcomed the deal and said Canadian companies, institutions and pension funds could invest more in India's infrastructure.
- Oct 15, 2:11 AM ET: IDBI Bank shares fell 7% after the government announced the $5.5 billion stake sale to Fairfax.
Coverage
- Look to Ride India Boom Over Next Decade with IDBI (TradingView)
- Who Is Prem Watsa? Canadian Billionaire Who Left India With $8, Now Betting Rs 52,878 Crore On IDBI Bank (NDTV)
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