IDBI Bank shares jump 3% as Fairfax set to make biggest foreign investment in Indian lender, buy stake worth Rs 53,000 cr

IDBI Bank shares jumped around 3% after reports that Fairfax Financial has agreed to acquire a combined stake of approximately 60.72% from the government and LIC for about Rs 53,000 crore ($5.5 billion), making it the biggest foreign investment in an Indian bank. Fairfax is offering Rs 81 per share, higher than its earlier Rs 75 offer, with the government set to raise nearly Rs 26,620 crore through sale of its 30.48% stake. The deal still requires RBIs fit and proper assessment and CCI approvals, and will surpass Emirates NBDs $2.75 billion acquisition of a 60% stake in RBL Bank in 2025.