Canada's Fairfax Financial Holdings buys majority stake in India's IDBI Bank, CNBC TV-18 reports

‌Canada's Fairfax ​Financial Holdings will buy ‌a majority stake in India's IDBI Bank, CNBC TV-18 ‌reported on Wednesday.

The Indian ‌government has approved a strategic restructuring of IDBI ⁠Bank , ​Information ⁠Minister Ashwini Vaishnaw said, ⁠without sharing the name of ​the buyer. The deal will ⁠be worth more than ⁠520 ​billion rupees ($5.47 billion), the minister said.

($1 = 95.1500 ⁠Indian rupees)