The Ministry of Finance announced on 14 October 2026 that the Cabinet Committee on Economic Affairs approved M/s 10955230 Canada Inc. as the strategic buyer for a 60.72% stake in IDBI Bank Ltd. The acquisition, valued at Rs 52,878.0806181 crore, includes a 30.48% share from the Government of India and 30.24% from LIC. The buyer must now present credentials to the Reserve Bank of India and provide a regulatory compliance roadmap. The release does not say when it takes effect.
Key points
- Purchase price: Rs 52,878.0806181 crore
- Stake sold: 60.72% (30.48% from GoI and 30.24% from LIC)
- Winning bid price: Rs 81 per share
- Residual holdings: GoI retains 15% and LIC retains 19% stake
- Buyer: M/s 10955230 Canada Inc. (parent entity M/s Fairfax Financial Holdings Ltd.)
When it applies
- CCEA meeting to approve Strategic Buyer
- Issuance of Preliminary Information Memorandum
Who it affects
- Strategic Buyer