New Delhi, Oct. 15 -- The Cabinet on Wednesday approved the strategic disinvestment of 60.72% stake in IDBI Bank Ltd along with the transfer of management control to Canadian financial services company Fairfax Financial Holdings Ltd a sum of Rs.52,878.08 crore, officials said. The transaction involves the sale of 30.48% government's equity stake in IDBI Bank along with 30.24% stake of state-run Life Insurance Corporation of India (LIC). Post-sale the government's stake in the company will reduce to 15% LIC's residual equity would be 19%, they said. Without disclosing the name of the strategic partner and the amount involved in the transaction, information and broadcasting minister Ashwini Vaishnaw said: "The decision paves way for largest FDI in financial services in India." He said the government and LIC will together hold a 34% stake in the restructured entity....