Running story, Business
IDBI Bank Sale to Fairfax Sparks Employee Protests and Political Backlash
What we know so far: 8 reports from 3 outlets, first at 29 Oct, 19:54 IST, latest at 31 Oct, 16:33 IST. Headlines and summaries are quoted from each outlet, oldest first; each links to the original report.
- Thursday 29 October
- The Economic TimesIDBI Bank employees oppose sale of stake to Fairfax
- MintIDBI Bank sale: Rahul Gandhi backs employees against privatisation, raises concerns over reservation and job security
The government's decision has now brought the future of IDBI Bank's ownership, employee protections and public-sector role into sharper focus, with employee representatives seeking greater transparency and parliamentary scrutiny before the sale proceeds.
- Friday 30 October
- X NewsRahul Gandhi Backs IDBI Employees Against Fairfax Stake Sale
Rahul Gandhi wrote to employees on October 29, pledging support against the government's approved sale of a 60.72 percent stake in the profitable public bank to a Fairfax subsidiary for Rs 52,878 crore.
- MintIDBI Bank's ₹52,878 crore sale: What explains the ₹3,917 crore increase in winning bid? Centre clarifies
The government has defended the ₹52,878 crore IDBI Bank stake sale to Fairfax, saying the reserve price was not changed in round two.
- Hindustan TimesRahul Gandhi backs IDBI Bank staff, questions sale to Canadian firm
Rahul Gandhi opposed selling the government’s 60.72% stake in IDBI Bank to Canada’s Fairfax, warning that employees’ protections and reservations could end.
- X NewsCabinet Approves ₹52,878 Crore IDBI Bank Stake Sale to Fairfax Entity
The Cabinet approved selling a 60.72% stake in IDBI Bank for ₹52,878 crore to a Fairfax Financial Holdings-backed buyer, with the government offloading 30.48% and LIC divesting 30.24%, at ₹81 per share above a revised ₹75.99 benchmark.
- Saturday 31 October
- X NewsOpposition Slams IDBI Bank Stake Sale to Canadian Firm as Undervalued Giveaway
On October 14, 2026, the Cabinet approved selling 60.72% of IDBI Bank to a Fairfax Financial Holdings subsidiary for ₹52,878 crore, or ₹81 per share, well below the original ₹94.42 reserve price.
- X NewsIDBI Bank Sale to Fairfax Sparks Employee Protests and Political Backlash
India's government approved selling a 60.72% stake in IDBI Bank to Fairfax Financial Holdings for ₹52,878 crore at ₹81 per share, below an earlier ₹94.42 reserve price, with the deal cleared on October 14 and expected to close by early 2027.