Govt, LIC to sell over 60% stake in IDBI Bank for ₹52,878 crore

The Union Cabinet has approved the strategic restructuring of IDBI Bank, with the Centre and LIC to divest a combined 60.72% stake in the lender. The stake will be acquired by Canada Inc, whose parent entity is Fairfax Financial Holdings, for ₹52,878 crore. The government and LIC will together retain a 34% stake in the restructured entity.