Fairfax merges Go Digit and IIFL Capital into IDBI Bank
Business
Fairfax is shaking things up by merging its stakes in Go Digit (an insurtech company) and IIFL Capital (wealth management) into IDBI Bank.
The plan? Turn IDBI into a one-stop shop for all things finance: banking, insurance, and investments.
This move follows Fairfax's big buy earlier this year, where it announced it is acquiring a 61% stake in the bank.
Government sells IDBI stake to Fairfax
The Indian government announced the sale of a 60.78% stake in IDBI Bank to Fairfax Financial for ₹52,878 crore, dropping its stake from 45.5% to just 15%.
LIC's share also shrank from 49.2% to 19%.
Now, everyone's waiting on green lights from RBI, SEBI, and IRDAI before the merger is official.
Good news: leadership at Go Digit and IIFL Capital stays the same (no sudden shake-ups there).