The Ministry of Finance announced on 14 October 2026 that M/s 10955230 Canada Inc. has been approved as the strategic buyer for IDBI Bank Ltd. The transaction involves the sale of a 60.72% stake, consisting of 30.48% from the Government of India and 30.24% from the Life Insurance Corporation of India (LIC), for Rs 52,878.0806181 crore. The Government and LIC will retain residual stakes of 15% and 19% respectively and will become public shareholders. The release does not say when the transaction takes effect.
Key points
- Total transaction value: Rs 52,878.0806181 crore
- Stake sold: 60.72% (30.48% by GoI and 30.24% by LIC)
- Residual stakes: GoI will retain 15% and LIC will retain 19%
- Strategic Buyer: M/s 10955230 Canada Inc. (parent: M/s Fairfax Financial Holdings Ltd.)
- Benchmark price for bids: Rs 75.99 per share
When it applies
The document does not state when it takes effect.
Who it affects
- IDBI Bank Ltd