IDBI Bank to be bought by Fairfax: a belated but worthy deal struck by India’s government
Under the deal approved by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, Canadian billionaire Prem Watsa’s Fairfax Financial Holdings will acquire a stake of nearly 61% in this development-turned-commercial bank for ₹52,878 crore. A Fairfax subsidiary will pay ₹81 per share, higher than the ₹75.99 average of two independent valuations, the government said.
