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Cabinet approved strategic restructuring of IDBI Bank, with Fairfax winning bid to acquire 60.72% stake for about Rs 52,000 crore
By ScoutQuest · · 1 min read
- Stake acquired by Fairfax
- 60.72 percent
- Deal value
- 52,000 crore rupees
- Government holding
- 30.48 percent
- LIC holding
- 30.24 percent
- LIC reduced stake target
- 15 percent
Heard on business television between 16:19:32 - 16:22:32 IST.
- Cabinet approved the share purchase agreement for IDBI Bank strategic restructuring, with Fairfax as winning bidder for 60.72% equity stake worth around Rs 52,000 crore.
- Government holding to remain 30.48% and LIC 30.24% before reduction; LIC required to cut its stake to 15% within two years as part of the share purchase agreement, and government's residual 15% stake to be sold via open market.
- Fairfax needs to merge CSB Bank with IDBI Bank within two years, per Finance Minister's confirmation; invested capital to be locked in for five years and management control continues for three years.
- Deal process now moves to RBI for fit and proper approval and regulatory clearances, expected to take one to two months, with final deal sealing targeted by Q4 of current fiscal year.
- Winning bid priced at Rs 81 per share versus benchmark of Rs 75.99 per share based on two independent valuations; initial bids were rejected for failing to meet Rs 94.42 reserve price.
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Source: Live TV News Channel · 14 Oct 2026
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