IIFL Fin, CSB Bank deny talks for Fairfax exit plan to fund IDBI Bank deal
This story was originally published at 13:51 IST on 9 September 2026
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--IIFL Finance:Not involved in negotiation related to reports of Fairfax exit
NEW DELHI – IIFL Finance Ltd. issued statement Wednesday clarifying that no negotiations have taken place regarding Fairfax's plan to exit the company to fund its proposed acquisition of IDBI Bank. CSB Bank also issued a clarification saying no events or negotiations have taken place related to reports of Fairfax's plans to merge CSB Bank with IDBI Bank once it succeeds in its bid to acquire the state-owned lender.
Both IIFL Finance and CSB Bank categorically denied having any knowledge on the matter, with IIFL Finance distancing itself from playing any role in the subsequent movement in the price of the company's stocks. "The movement in the share price appears to be driven by market sentiment or other factors beyond the control of the Company," it said in the statement. It also claimed to have kept the stock exchanges updated on all of its "informas and events".
On Tuesday, shares of IIFL Finance fell almost 4% and ended at INR 628 apiece on the National Stock Exchange, while shares of CSB Bank closed at INR 312.85 per piece, down nearly 3%. Shares of IDBI Bank fell nearly 11% and closed at INR 81.11.
The statements come after media reports said that Fairfax Financial Holdings--a Canadian investor--will exit IIFL Finance and use its proceeds to partially fund the proposed acquisition of IDBI Bank. It further said Fairfax has informed the government about its plans to merge CSB Bank with IDBI Bank after winning the bid to take over the state-owned lender.
"...the bank would like to categorically state that it is not aware of the background of the said news item or the factual correctness thereof the contents," CSB Bank said. "Further the Bank has no information regarding the matters reported therein and is not involved in any negotiations and discussions, or events, or developments of the nature referred to in the news item, insofar as the Bank is concerned," the bank added.
At 1250 IST, stocks of IIFL Finance Ltd. traded at INR 610.45 apiece on the National Stock Exchange, nearly 3% lower than Tuesday's close. Simultaneously, the stocks of CSB Bank traded 0.75% lower than the previous close at INR 310.5 apiece. However, stocks of IDBI Bank rose slightly to INR 81 per piece. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Radhika Tiwari
Edited by Akul Nishant Akhoury
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