Economy
IDBI Bank shares fall 7.5% following Fairfax's ₹53,000-crore takeover deal
The Hindu1h
THE BRIEF
1
Shares of IDBI Bank tumbled 7.54% to ₹83.62 on the BSE after rallying sharply ahead of Canada-based Fairfax Financial's majority stake acquisition.
2
Fairfax will acquire a 60.72% stake in the lender for approximately ₹53,000 crore, paying ₹81 per share, which exceeds the fair value of ₹75.99 determined by agencies.
3
The milestone privatization deal requires final statutory approvals from the Reserve Bank of India and the Competition Commission of India.