IDBI Bank's ₹52,878-crore sale to Fairfax gets govt nod: A 9-year journey from financial crisis to restructuring

Canada's Fairfax Financial Holdings is set to acquire a majority stake of nearly 61% in IDBI Bank for ₹52,878 crore, the Union Cabinet announced on Wednesday, saying that it has approved the ‘strategic restructuring’ plan.With this, the government’s stake in the bank will fall from 45.5% to 15%, while Life Insurance Corporation’s (LIC) holding with decline from 49.2% to 19%.IDBI Bank, which had been grappling with poor financial health for years, was placed under a Prompt Corrective Action (PCA) framework…