India approves Fairfax deal for majority stake in IDBI Bank
インド政府、フェアファックスへのIDBI銀行の過半数株式売却を承認時事・経済
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India’s Cabinet approved the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings on October 14, 2026, according to The Financial Express. The purchase price is Rs52,878 crore. Fairfax’s acquisition vehicle is 10955230 Canada Inc. The government would sell 30.48% and Life Insurance Corporation of India would sell 30.24%. Fairfax offered Rs81 per share, above the Rs75.99 benchmark set by two independent valuation agencies.
The transaction still needs a promoter assessment by the Reserve Bank of India and clearance from the Competition Commission of India. Fairfax already owns 40% of CSB Bank. Because central bank rules prevent a promoter from controlling two banking licences, Fairfax must either combine CSB with IDBI or sell its CSB investment.
The government first gave in-principle approval to the strategic sale in May 2021. Completion is expected by the end of financial year 2026-27, subject to approvals and formalities. After the transaction, the government would retain 15% and LIC 19%. LIC must reduce its remaining holding to 15% within two years.