Fairfax Raises Offer for IDBI Bank, Stock Jumps 4% on Deal Progress

According to sources cited by Bloomberg, India is nearing acceptance of Fairfax Financial Holdings' raised acquisition offer for IDBI Bank on Tuesday. Fairfax is set to increase its per-share bid by several rupees after its previous bid fell short of the government's reserve price. IDBI Bank shares rose 4% during Tuesday's Mumbai trading session, though the stock remains down 15% year-to-date, significantly underperforming the NSE Nifty 50 index decline of 8%.
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