IDBI stake sale draws employee and political opposition
Business · First reported 30 Oct, 01:57 · Updated 02:21
The proposed sale of a 60.72% stake in IDBI Bank to Fairfax has prompted an employee forum to seek a halt and parliamentary review, while Rahul Gandhi has publicly backed protesting employees. The government says the sale followed its process for strategic restructuring.
- The government approved the sale of a 60.72% stake to Fairfax for about Rs 53,000 crore, subject to regulatory clearance.
- The United Forum of IDBI Officers and Employees called for suspending the process and reviewing it under parliamentary scrutiny.
- Rahul Gandhi supported IDBI employees, while the government described the sale as strategic restructuring and said it followed the stated process.
Summary written by Lux AI from 2 articles
Key facts
- Stake approved for sale
- 60.72% of IDBI Bank
- Buyer
- Fairfax Financial Holdings
- Reported sale value
- About Rs 53,000 crore
- Price per share
- Rs 81
- Expected completion
- By the end of the current financial year, subject to RBI clearance
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- Corporation 50% (1)
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