Shares of IDBI Bank jumped around 3% on Wednesday after the government finalised Canada’s Fairfax Holdings for the sale of its stake in the bank, in a deal expected to be worth around Rs 53,000 crore ($5.5 billion).
The shares of the company jumped to Rs 88.99 apiece on Wednesday morning after people familiar with the matter told The Economic Times that the government took the decision on Tuesday after back to back meetings at the Finance Ministry. "Fairfax is now offering Rs 81 per share, which is higher than their offer of Rs 75 given last year," one of the people said.
