LIC to reduce IDBI Bank stake to 19% as Cabinet clears Rs 52,878 crore with Canada’s Fairfax deal

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Life Insurance Corporation of India (LIC) will reduce its stake in IDBI Bank to 19 per cent as the Union Cabinet on Wednesday approved the strategic restructuring of the lender, allowing Canada's Fairfax Financial Holdings to acquire a controlling 60.72 per cent stake for Rs 52,878 crore.