Fairfax COO says IDBI has potential to be finest universal Indian bank with global reach

GreyOak summary

Fairfax Financial Holdings acquired a 60.72% controlling stake in IDBI Bank at Rs 81 per share, beating the government's benchmark valuation of Rs 75.99. The deal includes a 56% premium to the bank's regulatory book value. Fairfax plans to integrate its insurance and investment banking interests into IDBI to create a diversified financial services platform.