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Cabinet approved IDBI Bank's strategic restructuring, clearing the share purchase agreement for Fairfax to acquire a 60.72% stake
By ScoutQuest · · 1 min read
- Stake sale to Fairfax
- 60.72 percent
- LIC stake post sale
- 19 percent
- Government stake post sale
- 15 percent
- Combined government and LIC retained stake
- 34 percent
- Fairfax exit timeline for other financial institutions
- 2 years
Heard on business television between 16:16:32 - 16:19:32 IST.
- Cabinet approved the share purchase agreement with Canada-based Fairfax, six years after the first disinvestment approval in 2021.
- Finance Minister termed it 'strategic restructuring' not 'strategic disinvestment' since both government and LIC remain invested.
- Post stake sale, LIC will hold 19% and government 15%, together retaining 34% in the entity; stake sale to Fairfax is at 60.72%.
- Fairfax must exit all other financial institutions within two years; the share purchase agreement has a three-year tenure during which branding etc. will remain.
- Further process will follow SEBI and RBI regulations, with formal notifications to come as restructuring progresses.
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Source: Live TV News Channel · 14 Oct 2026
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