NEW DELHI: The Centre has approved Fairfax Financial Holdings’ subsidiary, M/s 10955230 Canada Inc., as the strategic buyer for IDBI Bank. The proposed transaction is valued at Rs 52,878 crore. The government and LIC will sell a combined 60.72% stake, with the proceeds to be divided between them in proportion to their respective shareholdings. Government sources said the proposed sale would mark a significant step in the bank’s ownership restructuring, while the Centre and Life Insurance Corporation of India (LIC) would retain stakes of 15% and 19%, respectively, after the transaction. The go...