BusinessPhoto: CNBCIndia's IDBI Bank Falls 7% After $5.5 Billion Stake Sale to Fairfax
IDBI Bank's shares dropped 7% following the Indian government's announcement of a $5.5 billion stake sale to Canada's Fairfax. Fairfax plans to integrate its Indian financial holdings into IDBI Bank, marking the largest foreign takeover of a domestic bank in India. Fairfax will acquire a 60.72% stake in the Rs 53,000-crore privatization deal, signaling strong global interest in India's financial sector.
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