Fairfax Subsidiary Approved as Strategic Buyer for 60.72% IDBI Bank Stake

India approved Fairfax subsidiary 10955230 Canada Inc. as the strategic buyer for the proposed 60.72% IDBI Bank stake sale, valued at about $5.6 billion. The proposed price is 81 rupees per share, totaling 528.78 billion rupees. The Government of India is selling a 30.48% stake, while Life Insurance Corporation of India is selling 30.24%. The Reserve Bank of India (RBI) must receive the buyer’s credentials for a “Fit & Proper” assessment, along with a regulatory compliance roadmap. Fairfax also proposes contributing its interests in Digit and IIFL Capital to IDBI Bank at their respective market prices.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to TokenPost.