The proposed deal marks India’s biggest strategic disinvestment since the sale of Air India, as the government and LIC move ahead with plans to divest their combined stake in the lender.
The government will sell a 60.72 per cent stake in IDBI Bank to Fairfax Financial Holdings for Rs 52,877 crore, marking the country’s biggest strategic disinvestment since the sale of Air India.
The proposed transaction represents a major step in the government’s efforts to reduce its ownership in the banking sector and advance its disinvestment agenda.
The deal involves the sale of a controlling stake in the lender, paving the way for a change in its ownership and management. It is also among the most significant transactions in India’s banking sector, given IDBI Bank’s public-sector origins and its long-running privatisation process.
This is a developing story