The Cabinet Committee on Economic Affairs announced on 14 October 2026 the approval of M/s 10955230 Canada Inc. (parent entity M/s Fairfax Financial Holdings Ltd.) as the strategic buyer for a 60.72% stake in IDBI Bank Ltd. The total purchase consideration is Rs 52,878.0806181 crore, covering a 30.48% share from the Government of India and 30.24% from LIC. The release does not say when the transaction takes effect, but the buyer must present credentials to the Reserve Bank of India. This transaction is described as the largest foreign direct investment in the Indian financial sector to date.
Key points
- Purchase price: Rs 52,878.0806181 crore
- Stake sold: 60.72% (30.48% from GoI, 30.24% from LIC)
- Winning bid: Rs 81 per share
- Residual stakes: 15% with GoI and 19% with LIC
- Buyer: M/s 10955230 Canada Inc. (Fairfax Financial Holdings Ltd.)
When it applies
- CCEA meeting to approve strategic buyer
Who it affects
- Strategic Buyer