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IDBI Bank sale: Fairfax subsidiary approved as buyer for Rs 52,878 crore
NEW DELHI: The Centre has approved Fairfax Financial Holdings’ subsidiary, M/s 10955230 Canada Inc., as the strategic buyer for IDBI Bank. The proposed transaction is valued at Rs 52,878 crore. The government and LIC will sell a combined 60.72% stake, with the proceeds to be divided between them in proportion to their respective shareholdings. Government sources said the proposed sale would mark…
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