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Market Chatter: India Close to Accepting Improved Fairfax Bid for IDBI Bank

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The Indian government is close to accepting an improved bid from Fairfax Financial Holdings for IDBI Bank (NSE:IDBI, BOM:500116), Bloomberg News reported Tuesday, citing people familiar with the matter.

Fairfax is set to increase its per-share offer by a few rupees after its initial bid fell short of the government's reserve price, the report said.

The investment firm's proposed acquisition of the government's 60.7% stake in IDBI Bank is valued at about $5.7 billion, according to the report.

IDBI and Fairfax Financial didn't immediately respond to MT Newswire's request for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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