RBI gives Fairfax 15 years to trim IDBI Bank stake
Business
The RBI has told Canadian firm Fairfax that it needs to bring down its big 60.72% stake in IDBI Bank to just 26%, but they've got 15 years to do it.
It'll happen in two steps: first, drop to 40% in 10 years, then down to 26% over the next 5.
Fairfax strategic buyer for IDBI Bank
Fairfax has been declared the strategic buyer for the proposed sale of a 60.72% stake in IDBI Bank, with its bid valued at about ₹52,878 crore.
They're planning to contribute Go Digit Life Insurance, Go Digit General Insurance, and IIFL Capital Services to IDBI Bank by Q1 2027 if approvals come through.
Also on their radar: possibly selling or merging their stake in CSB Bank within 2 years, as ownership rules keep evolving.