Fairfax picks up half of 3-year government bonds at auction

Fairfax Financial Holdings purchased around Rs 9,600 crore of Indian government securities in June, including Rs 5,000 crore in the 6.03% GS 2029 paper, as a means to bring capital into India ahead of a potential $5.5 billion (about Rs 52,580 crore) acquisition of a stake in IDBI Bank. The Canadian firm is offering Rs 81 per share for IDBI Bank, higher than the Rs 75 per share it offered last year. Fairfax already holds a 40 percent stake in CSB Bank and is raising its holding in IIFL Capital Services to at least 51 percent, while the IDBI Bank privatisation process has been ongoing since October 2022.