JEFFERIES ON IDBI BANK DEAL

• Fairfax Group’s purchase of ~61% stake in IDBI Bank reinforces the “changing face of Indian financials” theme. • Jefferies says this is the 9th such transaction in recent years. • IDBI Bank has ~1.2% market share in loans. • Transaction is a secondary-market deal and is seen as accretive to India’s fiscal position and forex. • Deal is at ~10% discount to market price and will trigger an open offer.

IDBI BANK LIMITED

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