IDBI Bank stake sale, Oct. 15 -- IDBI Bank and LIC share price will remain in focus on Thursday, 15 October, after the government's decision to sell 60.72% stake in the bank to Canada's Fairfax Financial Holdings.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the sale of a 60.72% stake in IDBI Bank to Fairfax Financial Holdings, founded by Indian-born Canadian billionaire Prem Watsa, for Rs.52,877 crore. The deal is set to rank among the largest foreign investments in India's banking sector.

The proposed transaction includes the government's 30.48% stake in IDBI Bank and Life Insurance Corporation of India's (LIC) 30.24% holding. Upon completion of the sale, the government is expected to retain a 15% stake in th...