Who are Deepak Parekh and Paresh Suthankar? Former HDFC and HDFC Bank execs Prem Watsa is consulting for IDBI Bank deal
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Fairfax Financial Holdings will acquire a 60.72% stake in IDBI Bank for around ₹53,000 crore.
- ✓The firm got former HDFC executives Deepak Parekh and Paresh Sukthankar to help with this deal.
- ✓The Cabinet Committee on Economic Affairs approved the purchase, which aims to be the largest foreign investment in Indian banking.
Story at a Glance
- Category
- MARKET
- Reported By
- mint
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Fairfax Financial Holdings will acquire a 60.72% stake in IDBI Bank for around ₹53,000 crore ($5.5 billion), in what is poised to become the largest foreign investment in an Indian bank.
Fairfax will engage former HDFC Chairman Deepak Parekh and former HDFC Bank Deputy MD Paresh Sukthankar, as advisors to help it with its proposed acquisition, the Hindu BusinessLine reported on Friday, 16 October.
The deal was approved by the Cabinet Committee on Economic Affairs (CCEA), and the Canadian company will purchase the government's 30.48% stake (for about ₹26,620 crore) and state-run Life Insurance Corporation of India's (LIC) 30.24% (for about ₹26,440 crore), as per a PTI report.
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