Canada’s Fairfax Financial is buying a 60.7 percent stake in India’s IDBI Bank for 520 billion rupees, equivalent to approximately $5.4 billion. The Wall Street Journal reports.
India’s government has approved the deal, under which Fairfax, controlled by billionaire Prem Watsa, is paying 81 rupees per share. The state and state-owned Life Insurance Corporation of India will retain a combined 34 percent of the bank.
IDBI Bank’s share price rose 9.1 percent to 90.44 rupees on Wednesday, but is still down 12 percent since the start of the year.
