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Union Cabinet approved sale of 60.72% stake in IDBI Bank to Fairfax for ₹52,878 crore
Location not reported14 Oct 2026
The Union Cabinet approved a deal for Canada-based Fairfax Financial Holdings to acquire a 60.72% controlling stake in IDBI Bank for ₹52,878 crore, according to the article. The government and Life Insurance Corporation of India (LIC) are to reduce their stakes to about 15% and 19% respectively, withdraw their board nominees, and become public shareholders as management control transfers.
Why it matters
A controlling-stake sale changes ownership and management control of a major lender, affecting how the bank is governed and operated going forward.
IDBI BankFairfax Financial HoldingsLife Insurance Corporation of India (LIC)Union Cabinet of India