IDBI Bank shares jump 4% as report says Canada's Fairfax frontrunner in lender's stake sale

IDBI Bank shares jump 4% as report says Canada's Fairfax frontrunner in lender's stake sale -

1) The shares of IDBI Bank jumped nearly 4 percent on December 12 after a report said that Toronto-based Fairfax Financial has emerged as the frontrunner in the race to acquire controlling stake in the Indian lender from the government and the Life Insurance Corporation of India (LIC). 2) The shares of the bank were trading at Rs 98.95 apiece, as seen at 12.25 pm on Friday, the highest level seen by the stock in seven sessions. The stock has now extended gains for the second consecutive session. 3) Canada's Fairfax leading race to buy majority stake in lender: Report Fairfax Financial, which was founded by Indian-Canadian billionaire Prem Watsa, is considering an all-cash offer matching IDBI's current market value, the Economic Times reported citing people familiar with the matter, ahead of a December-end deadline for submission of financial bids for the lender. 4) Fairfax is competing with Kotak Mahindra Bank, which is another strong contender in the race, the report said, adding that the private lender is considering a bid in a combination of cash and shares. However, Fairfax's all-cash offer has made it the front-runner in the race, the report further said. 5) All this is for information. This is not a buy/sell recommendation. thank you, Technofudna24