Report
India's government approves Fairfax deal for IDBI Bank; process questioned over alleged rule changes
A post citing a BusinessWorld investigation alleges valuation methodology changed after Fairfax's ₹75-per-share bid fell below a confidential ₹94.42 reserve.
TLDR
The Economic Times reports India's government approved Fairfax's roughly ₹53,000 crore offer for 60.72% of IDBI Bank, pending RBI clearance. The employees' forum seeks parliamentary review, warning of potential undervaluation and risks to employment security. Separately, a post citing a BusinessWorld investigation alleges valuation methods changed after Fairfax's initial ₹75-per-share bid fell below a confidential ₹94.42 reserve; Fairfax's revised offer was ₹81 per share.
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