Cabinet clears 60.72% IDBI Bank stake sale to Fairfax, The Indian Express reports
What happened
The Indian Express reports that the Cabinet Committee on Economic Affairs approved the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings for ₹52,878 crore. Completion is expected by March 2027, subject to the remaining process.
Why it matters
This is a purchase of existing shares from the government and LIC, not a ₹52,878-crore capital injection into IDBI Bank. A new controlling shareholder could change the bank's direction, but approval is not the same as completion.
Bigger picture
IDBI became a private-sector bank in 2019 after LIC took control. The report says the government and LIC would retain 15% and 19%, respectively, after this sale.
Watch next
Watch RBI compliance, the purchase agreement's closing conditions and formal completion disclosures before treating the stake transfer as completed.