The Union Cabinet approved Fairfax’s approximately ₹52,878 crore bid for a 60.72% stake in IDBI Bank, according to reports on 14 October. The proposed transaction combines stakes offered by the government and Life Insurance Corporation of India.
The government’s portion is 30.48% and LIC’s is 30.24%. Reporting identified a Fairfax subsidiary as the buyer and described the decision as a major step in the bank’s strategic sale process.
Cabinet approval is distinct from completion of the ownership transfer. Regulatory and transaction requirements still matter, so the announcement should not be read as confirmation that the full purchase price and share transfer had already been settled.