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India Sells IDBI Bank Stake to Canada's Fairfax for $5.5bn
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India's government has agreed to sell a 60.7% stake in state-owned IDBI Bank to Canada's Fairfax Financial Holdings for about $5.5bn. Officials say it will become the biggest foreign direct investment deal in India's financial sector once the Reserve Bank of India approves it. Fairfax offered 81 rupees a share, below Wednesday's closing price, and IDBI's shares then fell more than 7% on Thursday morning.
Reported by CNBC · How we write briefs