India moves to sell 60.72% IDBI Bank stake to Fairfax
Business
The Indian government is moving ahead with plans to sell a combined 60.72% stake in IDBI Bank to Fairfax Financial Holdings.
This decision leans on a 2018 Delhi High Court ruling that cleared any legal hurdles for the sale.
With the CCEA's recent approval, both the government and LIC will combine their shares for this strategic move.
Fairfax Financial to manage IDBI Bank
After the sale, Fairfax will take over management, while the government and LIC will still hold about 34% together to keep an eye on things.
IDBI Bank has been under LIC's control, and it's doing fairly well financially.
The move is part of a bigger plan to bring in private players while keeping some public oversight.