India's Finance Ministry rejects irregularity claims over IDBI Bank stake sale
India's Finance Ministry says the approval of the IDBI Bank stake sale was lawful. Buyer 10955230 Canada Inc. will pay over Rs 52,800 crore for 60.72%.
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what happened
India's Finance Ministry said on Saturday that the approval process for the IDBI Bank stake sale was free of illegality. It pointed to the legislative history of the IDBI (Repeal) Act, 2003, a Delhi High Court ruling and successive Union Budget speeches, which it said show how government policy on strategic disinvestment of the bank has evolved.
On Wednesday, the Cabinet Committee on Economic Affairs approved 10955230 Canada Inc. as the strategic buyer. The purchase consideration is over Rs 52,800 crore for a 60.72% stake: 30.48% held by the government and 30.24% held by LIC. The information was reported by TradingView.
why it matters
The deal matters for markets because it involves a large block of a state-owned bank and moves forward India's privatisation programme. Investors will watch the timing of completion and the terms of the handover of control. The value is comparable to several billion dollars, making it a notable event for India's financial sector.
market impact
Indian banks: the handover of control over IDBI Bank could reshape the sector and investor sentiment
tags
instruments
sources
- IDBI Bank stake sale: FinMin cites High Court ruling, Budget speeches to reject irregularity claims — ru.tradingview.com, 17 October 2026 at 10:12 UTC
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