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IDBI Bank
Trends
- 1
IDBI Bank shares surged 13% after regulators cleared Fairfax's plan to raise its stake in CSB Bank, with CSB Bank also gaining about 6%. Investors read the approval as a positive signal for private bank holdings, driving strong buying in both stocks on Indian markets.
- 2
Bank branches will remain closed in 13 Indian states today, affecting customers planning in-person transactions. Separately, the government announced it will sell its 60.72% stake in IDBI Bank to a Canadian company, one of its largest disinvestments after Air India. Other bank-related news includes a theft of jewellery worth 1.83 lakh rupees from a closed bank manager's house in Vadodara.
- 3Fairfax Financial to buy majority stake in India's IDBI Bank●India's biggest bank sale is going to Toronto. Fairfax Financial is buying a 60.72% stake in IDBI Bank for about C$7.9 b
Fairfax Financial, the Toronto-based holding company, is buying a 60.72% stake in India's IDBI Bank for about C$7.9 billion (528.78 billion rupees), in what is being called India's biggest bank sale. India's cabinet approved the deal this week, but it still needs sign-off from the Reserve Bank of India before it can close.
- 4IDBI Bank Privatisation: What the Fairfax Deal Could Mean●IDBI Bank Privatisation: Fairfax Deal Explained | ₹81 vs ₹90 Share Price
Discussion is under way about IDBI Bank's privatisation and a reported deal involving Canada's Fairfax Group, with attention on the gap between the current share price of around ₹81 and an assumed deal price of about ₹90. Commentators are explaining the terms of the transaction and what it could mean for the bank, the government's stake sale plans and retail investors holding the stock.