Fairfax seeks equity in IDBI Bank amid calls for government review
Steady: 2 in the last 7 days
Updated monday
The latest in this situation
How it started
AI-generated briefing. Brind wrote this from the reports listed below and has updated it as the story developed. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.
What happened
Fairfax has sought equity in IDBI Bank as the government proposes a stake sale. The proposed transaction involves the Centre selling up to 30.48% of its stake and LIC selling up to 30.24% to Fairfax, a Canadian company, for Rs 52,878 crore. This would leave the Centre with a residual shareholding of 15% and LIC with 19%.
From countercurrents.org
Why it matters
A former Union government secretary criticized the proposed sale, stating it undervalues IDBI and questioned the transparency of the bidding process. The secretary demanded an independent inquiry into the legality and prudence of disinvesting IDBI and requested that the findings be placed before Parliament.
From countercurrents.org
Who's involved
- CentreThe Centre is proposing the sale of its stake in IDBI Bank.
- Nirmala SitharamanNirmala Sitharaman is the recipient of the letter raising concerns about the proposed sale.
- parliamentParliament is the body to which the secretary requested the independent inquiry findings be presented.
How it developed
Newest first. Tap a step to see who reported it.- EA Sarma criticizes the government's plan to hand IDBI assets to Fairfax, while the Supreme Court observes on public body auctions.Sub-event
Fairfax seeks IDBI equity while disinvestment findings must be placed before Parliament.1 source