India is close to accepting Fairfax's higher bid for IDBI Bank

This is expected to become the largest foreign investment in the history of India's banking sector. Fairfax previously failed in its bid for IDBI Bank because it did not meet the government's reserve price, and is now considering increasing its offer price by a few rupees per share. In early trading on Tuesday in Mumbai, shares of IDBI Bank rose as much as 4%. However, the stock is still down about 15% so far this year, a decline greater than the 8% drop of the benchmark NSE Nifty 50 index. (Bloomberg)