M&A

M&A

Canada’s Fairfax may get 2 yrs to acquire govt’s stake in IDBI Bank: report

Reuters  

Canada's Fairfax Financial, a frontrunner to acquire the government's stake in IDBI Bank, is set to be allowed up to two years to consolidate its Catholic Syrian Bank (CSB) stake or merge it with IDBI.A long-delayed sale of a majority stake in IDBI Bank, held by the union government and state insurer Life Insurance Corp of India, valued at more than USD 5 Billion, is in its final stages.Fairfax acquired a controlling 51% stake in CSB in 2018 and took the bank public in 2019. Fairfax may fully divest its 40% stake in CSB, complying with Reserve Bank of India rules against holding promoter stakes in two separate banks.

For FY26, IDBI Bank had reported about INR 28,997 Cr in Operating Income and about INR 9,513 Cr in PAT.