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Fairfax's $5.5B IDBI Bank Stake Sets Foreign Investment Record
Fairfax Holdings agreed to buy a 60.72% stake in IDBI Bank for $5.5 billion, the largest foreign investment in an Indian bank. The deal requires regulatory approvals.
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Fairfax Holdings agreed to buy a 60.72% stake in IDBI Bank for $5.5 billion. The Canadian firm will acquire the holding from the Indian government and Life Insurance Corp. of India. The deal is the largest foreign investment ever made in an Indian bank.
The price values IDBI Bank at roughly $9 billion. Fairfax submitted an improved offer after an earlier round of bidding, the company said. The transaction is part of India's broader privatisation programme for state-controlled lenders.