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Government disinvestment secretary Arunish Chawla detailed the IDBI Bank-Fairfax strategic stake sale process, expecting deal closure by end of this financial year
By ScoutQuest · · 1 min read
- Strategic stake being acquired
- 60.72 percent
- Minority stake for open offer
- 5.3 percent
- Government retained stake
- 15 percent
- LIC current residual stake
- 19 percent
Heard on business television between 14:36:13 - 14:39:13 IST.
- Union cabinet approved the strategic buyer, who must now present credentials and get fit-and-proper clearance from RBI.
- After clearance, a share purchase agreement will be signed, likely around Feb-March, followed by an open offer for minority shareholders holding about 5.3% stake.
- Government expects the deal, involving sale of 60.72% stake, to close by end of this financial year, with government retaining 15% stake.
- LIC must reduce its residual stake from 19% to 15% within two years of deal closing, increasing public float by about 4%.
- Fairfax will be required to either merge or exit its existing stake in Catholic Syrian Bank within two years, as only one entity can hold one banking license in India.
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Source: Live TV News Channel · 15 Oct 2026
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