ICRA places IDBI Bank's long-term AA rating on developing watch
IDBI · price
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On the reaction day the stock moved 0.3 pts less than Nifty Smallcap 250 and 1.4 pts more than its Private Sector Bank peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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ICRA retained IDBI Bank's long-term AA rating but placed it on watch with developing implications, citing Fairfax's proposed acquisition. Fairfax will buy 60.72 percent for Rs 52,878 crore at Rs 81 per share, subject to approvals. The certificate of deposit rating remains A1+. Total rated instruments are Rs 48,103 crore.
The ownership transition creates rating and governance uncertainty, which may weigh on the stock and debt sentiment; no downgrade has yet occurred.