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Rs 53k crore IDBI stake sale with LIC takes government past selloff target
Source: Times of India — Top Stories · 2 hr ago
Summary
The government and LIC are selling a total of 60.7% of IDBI Bank for about Rs 52.9 billion to a Fairfax Financial Holdings subsidiary, marking the largest foreign direct investment in India's financial sector. This sale moves the government closer to its disinvestment and asset‑monetisation goal for the current fiscal year.
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From the original report
Govt and LIC will sell a combined 60.7% in IDBI Bank for Rs 52,878 crore to an arm of Fairfax Financial Holdings, which is controlled by Canadian billionaire Prem Watsa, that will result in the largest-ever financial sector FDI in the country.
Excerpt from Times of India — Top Stories.
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