Back to the trend of the day: Canadian billionaire Prem Watsa's Fairfax to buy 60.72% of IDBI Bank (in Hindi)

Poly Rating · from the trend of the day

Biggest Bank Deals in India 2026: Top 10 and Price Paid

India set a ₹94.42 reserve price for IDBI Bank, then approved Fairfax's ₹81 bid for 60.72%, which is below its own floor and about 10% under the last close but above the valuers' ₹75.99.

No. 1: IDBI Bank Fairfax deal (2026)
9 places
Current as of October 17, 2026, 12:00 EDT

01Final list

The leading AIs each built their own list of ten independently. Here is one result that is easy to check: every place has a reason, a source, and the list of AIs that included it.

Order: from most to least AI agreement.

A bright badge means this AI put the entry on its list. A dim badge means it did not.

1
IDBI Bank Fairfax deal (2026)
₹81 a share for 60.72%: 6.6% above the valuers' ₹75.99, but 14% below the ₹94.42 reserve and about 10% under the ₹89.85 close.
Included it: Claude, ChatGPT, Gemini, DeepSeek, Qwen.
In their lists: Claude: 2 · ChatGPT: 2 · Gemini: 1 · DeepSeek: 2 · Qwen: 1
What each AI noted 5
- Claudeplace 2
  ₹81 a share was paid for a bank whose shares closed near ₹90 the day before: below the market and below the ₹94.42 floor, but above the valuers' ₹75.99.
  Source ↗
- ChatGPTplace 2
  India approved ₹81 a share after rejecting ₹75 against a ₹94.42 floor: the final offer beats the new ₹75.99 valuation but remains 14.1% below the original reserve.
  Source ↗
- Geminiplace 1
  A winning bid of ₹81 per share beat the independent valuer's fair value of ₹75.99 by 6.6%, but sat 14.2% below the government's former reserve threshold of ₹94.42.
- DeepSeekplace 2
  Fairfax paid ₹81 a share, a 10% discount to the market but 6.6% above the government's own revised fair value of ₹75.99.
  Source ↗
- Qwenplace 1
  ₹81 a share beats the fair value but misses the government's own ₹94 reserve, handing a 23% premium over book value for a 60.72% stake.
  Source ↗
5 AIs put it here
Source ↗
2
Kotak ING Vysya merger (2014)
An all-share deal of about $2.4bn at a 16% premium to the 30-day average. Price-to-book is quoted at 2.1x–2.2x but not confirmed by a filing.
Included it: Claude, ChatGPT, Gemini, DeepSeek, Qwen.
In their lists: Claude: 8 · ChatGPT: 4 · Gemini: 3 · DeepSeek: 3 · Qwen: 5
What each AI noted 5
- Claudeplace 8
  A 0.725 share swap valued ING Vysya at about ₹790, a 16% premium, and raised Kotak's book value by about ₹40 a share.
  Source ↗
- ChatGPTplace 4
  A US$2.4 billion all-share combination turned ING's former 42.7% ownership in ING Vysya into a much smaller holding in a stronger combined bank.
  Source ↗
- Geminiplace 3
  A 100% stock-swap transaction set an Indian record with a 2.1x book multiple, unlocking southern India for Kotak while gifting Dutch giant ING a liquid 6.5% foothold.
- DeepSeekplace 3
  Kotak paid 2.2x book value, a 16% premium to ING Vysya's one-month average price, creating India's fourth-largest private bank.
- Qwenplace 5
  An all-stock deal valued at $2.4 billion paid 2.1 times book value, folding a foreign-controlled bank into Kotak's domestic empire.
5 AIs put it here
Source ↗
3
Yes Bank rescue by SBI (2020)
A rescue, not a sale: ₹10,000 crore of new equity at a fixed ₹10 a share, while ₹8,415 crore of AT1 bonds were written off. The Supreme Court revisited that write-off in 2026.
Included it: Claude, ChatGPT, Gemini, DeepSeek, Qwen.
In their lists: Claude: 7 · ChatGPT: 9 · Gemini: 4 · DeepSeek: 5 · Qwen: 7
What each AI noted 5
- Claudeplace 7
  SBI took 725 crore shares at ₹10 to hold about 48–49%, while ₹8,415 crore of AT1 bonds were written down.
  Source ↗
- ChatGPTplace 9
  Investors injected ₹10,000 crore at ₹10 a share, but the rescue's 2026 legacy now includes an ₹8,415 crore AT1 bond judgment.
  Source ↗
- Geminiplace 4
  A state-mandated rescue scheme sold newly issued equity at a fixed ₹10 per share—a brutal 97% collapse from peak valuation, yet 60% below prevailing market value.
- DeepSeekplace 5
  SBI led a rescue at ₹10 a share, a fraction of the pre-crisis market price, after the RBI superseded Yes Bank's board.
  Source ↗
- Qwenplace 7
  A pure rescue where SBI paid ₹10 a share—well below the ₹16 market price and ₹13 book value—to take a 48% stake and stop a collapse.
  Source ↗
5 AIs put it here
Source ↗
4
Axis Bank Citibank India deal (2023)
Agreed at ₹12,325 crore (about $1.6bn) and closed ₹722 crore lower at ₹11,603 crore. It was a business unit, so there is no price-to-book.
Included it: Claude, ChatGPT, Gemini, Qwen. Did not include: DeepSeek.
In their lists: Claude: 6 · ChatGPT: 6 · Gemini: 7 · Qwen: 4
What each AI noted 4
- Claudeplace 6
  A retail book changed hands for ₹12,325 crore, then closed at ₹11,603 crore after the January 2023 balance-sheet check.
  Source ↗
- ChatGPTplace 6
  The purchase price fell by ₹722 crore between announcement and closing, partly reflecting customer attrition.
  Source ↗
- Geminiplace 7
  Axis Bank spent ₹11,603 crore in cold cash to absorb 2.4 million affluent cardholders and ₹50,200 crore in deposits, paying a ₹3,585 crore goodwill premium above net asset value.
  Source ↗
- Qwenplace 4
  For ₹12,325 crore ($1.5 billion), Axis bought 3 million premium customers and credit cards in an asset purchase that avoided taking on the whole bank.
  Source ↗
4 AIs put it here
Source ↗
5
Yes Bank SMBC stake sale (2025)
₹13,482 crore (about $1.58bn) for 20% at ₹21.50 a share, an 18% premium to market and more than double the ₹10 the rescuers paid in 2020.
Included it: Claude, ChatGPT, Qwen. Did not include: Gemini, DeepSeek.
In their lists: Claude: 5 · ChatGPT: 5 · Qwen: 2
What each AI noted 3
- Claudeplace 5
  Japan's SMBC paid ₹21.50 a share, 18% above the market and about 1.45x book, the largest cross-border deal in Indian financial services.
  Source ↗
- ChatGPTplace 5
  Japanese SMBC paid ₹21.50 a share, roughly 18% above the previous close, for an initial 20% stake in a bank rescued only five years earlier.
  Source ↗
- Qwenplace 2
  Japan's SMBC paid $1.9 billion for a 20% stake at 1.4 times book value, stepping in where SBI once held the fort during the 2020 rescue.
3 AIs put it here
Source ↗
6
RBL Bank Emirates NBD deal (2025–26)
About $3bn announced and $2.75bn (₹26,000 crore) at completion, paid at ₹280 a share for 60%. The money went into RBL itself, not to sellers.
Included it: Claude, ChatGPT. Did not include: Gemini, DeepSeek, Qwen.
In their lists: Claude: 3 · ChatGPT: 3
What each AI noted 2
- Claudeplace 3
  The Gulf lender paid ₹280 a share for control, and the open offer at the same price drew no takers once RBL traded at ₹324.
  Source ↗
- ChatGPTplace 3
  Unlike the IDBI sale, the buyer injected roughly ₹26,000 crore into the bank itself; the completed investment left Emirates NBD holding 60%.
  Source ↗
2 AIs put it here
Source ↗
7
HDFC Bank Centurion Bank of Punjab merger (2008)
About $2.4bn in stock at a reported 10% discount to market. The book multiple is disputed: about 4x FY09 book in one source, about 2.5x in another.
Included it: DeepSeek, Qwen. Did not include: Claude, ChatGPT, Gemini.
In their lists: DeepSeek: 4 · Qwen: 3
What each AI noted 2
- DeepSeekplace 4
  HDFC Bank paid $2.4 billion, a 10% discount to CBoP's market price, valuing the target at ~4x FY09 book.
  Source ↗
- Qwenplace 3
  A $2.5 billion all-stock merger gave HDFC its biggest footprint expansion yet, absorbing a smaller rival at a steep premium to book value.
  Source ↗
2 AIs put it here
Source ↗
8
LIC IDBI Bank stake (2019)
₹21,624 crore for 51% at about ₹61 a share. LIC now exits at ₹81, about 7.44% a year. The ~$3bn dollar figure is one AI's estimate.
Included it: Claude, Gemini. Did not include: ChatGPT, DeepSeek, Qwen.
In their lists: Claude: 4 · Gemini: 6
What each AI noted 2
- Claudeplace 4
  A state insurer bought a controlling stake at about ₹61 a share, and the shares never got back to that price.
  Source ↗
- Geminiplace 6
  State life insurer LIC paid ₹21,624 crore at ₹60.73 per share to pull IDBI Bank from the brink of insolvency, taking 51% control in what proved to be the precursor to its 2026 privatization.
  Source ↗
2 AIs put it here
Source ↗
9
IDFC First Bank Warburg Pincus ADIA investment (2025)
₹7,500 crore of convertible capital for about 14.9% combined: a minority stake with no change of control. Only one AI listed it, and price-to-book is unverified.
Included it: ChatGPT. Did not include: Claude, Gemini, DeepSeek, Qwen.
In their lists: ChatGPT: 7
What each AI noted 1
- ChatGPTplace 7
  The ₹7,500 crore capital commitment brought two global investors into IDFC FIRST without selling a controlling stake.
  Source ↗
1 AIs put it here
Source ↗

More about the top three ↓

02More about the top three

The ranking is above. Here is more about the three places at the top: what they are, why they are here, and what is worth knowing.

1IDBI Bank Fairfax deal (2026)

No. 1 — IDBI Bank Fairfax deal (2026). On the lists of 5 of 5 AIs; median place there: 2. The AIs ranked it first because the bid topped the valuers’ estimate, despite missing the reserve and trading below the market close.

What it is: Fairfax bid ₹81 a share for 60.72% of IDBI Bank.
Its edge: The bid was above the valuers’ estimate, but below both the reserve and market close.
Who should know: Useful for readers tracking bank deal prices against valuations and market prices.

Price paid₹81 a share

Wikipedia · Wikidata

Why it is here

The winning bid was Rs.75.99 per share above the independent valuation benchmark: Rs.81 per share. — (voice only)
Source ↗
At INR 81 per share, Fairfax’s bid for 60.72% of IDBI Bank was valued at approximately US$5.6 billion, making this the biggest transaction among the three. — (voice only)
Source ↗

Video: Nepal's 2026 Disaster Explained: The Glacier That Wiped Out a Valley · The Last Day

Compare the top three ↓

2Kotak ING Vysya merger (2014)

No. 2 — Kotak ING Vysya merger (2014). On the lists of 5 of 5 AIs; median place there: 4. The AIs placed it here for its large all-share value, 16% premium, and reported book multiple.

What it is: Kotak combined with ING Vysya in an all-share deal.
Its edge: Its notes give a 16% premium and a 2.1x–2.2x book multiple.
Who should know: Useful for readers comparing bank merger prices and deal structures.

Price paid$2.4bn

Wikipedia · Wikidata

Why it is here

The all-share deal valued ING Vysya at $2.4 billion, according to Reuters calculations—less than the IDBI deal but more than Yes Bank’s rescue capital. — (voice only)
Source ↗
The implied price was 16 per cent above a like measure of ING Vysya’s market price, Kotak said. — (voice only)
Source ↗

Video: 2014, explained in 4 minutes · Vox

Compare the top three ↓

3Yes Bank rescue by SBI (2020)

No. 3 — Yes Bank rescue by SBI (2020). On the lists of 5 of 5 AIs; median place there: 7. The AIs placed it here for its fixed-price rescue, with new equity issued at ₹10 a share.

What it is: SBI led a 2020 rescue by buying newly issued Yes Bank shares.
Its edge: The issue price was fixed at ₹10 a share.
Who should know: Useful for readers tracking bank rescues and their terms.

Price paid₹10 a share

Wikipedia · Wikidata

Why it is here

Investors paid Rs 10 per share: Rs 2 face value plus a Rs 8 premium under the reconstruction scheme. — (voice only)
Source ↗

Video: 2020, in 7 minutes · Vox

Compare the top three ↓

The top three side by side

	IDBI Bank Fairfax deal (2026)	Kotak ING Vysya merger (2014)	Yes Bank rescue by SBI (2020)
In the AIs' lists	5 / 5	5 / 5	5 / 5
Price paid	₹81 a share	$2.4bn	₹10 a share
Put first by	Gemini, Qwen	—	—

Places with the same number of AIs are ordered by their average place in the AIs' own lists.

03Worth knowing

What the AIs noticed while building the list.

IDBI's ₹81 reads three ways: 6.6% above the valuers' ₹75.99, 14% below the ₹94.42 reserve and about 10% below the ₹89.85 close. The yardstick you pick decides whether it was a fair price.

Noticed by:

Included it: Claude, ChatGPT, Gemini, DeepSeek, Qwen.

Source ↗

The IDBI auction failed once: a ₹75 first-round bid fell short of the ₹94.42 floor, and the shares stood at ₹70.38 when best offers were invited in May.

Noticed by:

Included it: Claude, ChatGPT. Did not include: Gemini, DeepSeek, Qwen.

Source ↗

Rescues paid old owners little or nothing. Lakshmi Vilas shareholders got ₹0 when DBS put in ₹2,500 crore in 2020, while voluntary deals like Kotak–ING Vysya paid a 16% premium.

Noticed by:

Included it: Claude, ChatGPT, Gemini, DeepSeek, Qwen.

Source ↗

Fairfax appears twice: it paid ₹140 a share, 1.1x book, for CSB Bank in 2018 and about 1.23x book for IDBI in 2026, and it must now resolve its roughly 40% CSB holding.

Noticed by:

Included it: Claude, ChatGPT. Did not include: Gemini, DeepSeek, Qwen.

Source ↗

Headline sizes are not like-for-like. HDFC's figure is an all-share accounting value, Fairfax pays cash to the sellers, and Emirates NBD's money went into RBL as new capital.

Noticed by:

Included it: ChatGPT. Did not include: Claude, Gemini, DeepSeek, Qwen.

Source ↗

04Questions people ask

What is the biggest bank in India?

State Bank of India. Its FY2026 deposits reached ₹59.8 trillion and its advances ₹49.3 trillion.

Source ↗

What is the biggest private bank in India?

HDFC Bank. It absorbed HDFC Ltd in July 2023, and HDFC Ltd's holders received about 41% of the combined bank.

Source ↗

What is the biggest commercial bank in India?

State Bank of India, which reported ₹80,032 crore of FY2026 net profit and is well ahead of HDFC Bank by assets.

Source ↗

Which is the biggest bank robbery in India?

Sources differ because they mean different things. The 1987 Punjab National Bank heist in Ludhiana (about ₹5.7 crore) is the cited robbery. The PNB–Nirav Modi case (over ₹13,000 crore) was a fraud, not a robbery.

05How we counted

In plain words, no formulas.

1The question

Top 10 Biggest Bank Stake Sales and Takeovers in India: What Was Paid Against Book Value, Market Price and the Seller's Own Floor

2Why this topic

It puts headline size, price-to-book, market premium or discount, and the seller's own reserve price in one table, so the reader can see that a big deal and a good price are not the same thing.

3Where it applies

India, banking sector, with major global bank deals as a reference point

4What we looked at

Deal value in US dollars at the exchange rate on the approval date
Price paid divided by the bank's book value (price-to-book)
Premium or discount to the market price just before the announcement
Price against the seller's reserve price or the independent fair value, where one was published
Share of the bank sold, and who ended up in control
Press Information Bureau / CCEA (DIPAM) — IDBI approved price, stake, original reserve price, rejected first-round bid and independent fair value
Reuters — Deal value in US dollars on the announcement or approval date, stake acquired, conditions still pending
Policy Circle — IDBI reserve price, valuers' average, stakes kept by the government and LIC, Fairfax's glide path to 26%

5Who ranked

The leading AIs, each building its own list of ten independently and naming a source for every place: Claude, ChatGPT, Gemini, DeepSeek, Qwen.

6How the places were set

The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.

06Each AI's own list

🇺🇸 Claude10 places · 1 notes

The same question, answered by Claude alone. The final list above combines all the AIs.

1
HDFC Ltd–HDFC Bank merger (2022–23)
The largest bank deal in India: 42 HDFC Bank shares for every 25 HDFC Ltd shares, which left HDFC Ltd holders with about 41% of the combined bank.
Source ↗
2
Fairfax buys 60.72% of IDBI Bank (2026)
₹81 a share was paid for a bank whose shares closed near ₹90 the day before: below the market and below the ₹94.42 floor, but above the valuers' ₹75.99.
Source ↗
3
Emirates NBD buys 60% of RBL Bank (2025)
The Gulf lender paid ₹280 a share for control, and the open offer at the same price drew no takers once RBL traded at ₹324.
Source ↗
4
LIC buys 51% of IDBI Bank (2018–19)
A state insurer bought a controlling stake at about ₹61 a share, and the shares never got back to that price.
Source ↗
5
SMBC buys 20–24.99% of Yes Bank (2025)
Japan's SMBC paid ₹21.50 a share, 18% above the market and about 1.45x book, the largest cross-border deal in Indian financial services.
Source ↗
6
Axis Bank buys Citi's India consumer business (2022)
A retail book changed hands for ₹12,325 crore, then closed at ₹11,603 crore after the January 2023 balance-sheet check.
Source ↗
7
SBI rescues Yes Bank (2020)
SBI took 725 crore shares at ₹10 to hold about 48–49%, while ₹8,415 crore of AT1 bonds were written down.
Source ↗
8
Kotak Mahindra Bank–ING Vysya merger (2014)
A 0.725 share swap valued ING Vysya at about ₹790, a 16% premium, and raised Kotak's book value by about ₹40 a share.
Source ↗
9
DBS absorbs Lakshmi Vilas Bank (2020)
The first rescue of an Indian bank by a foreign lender: DBS put in ₹2,500 crore, and the bank disappeared into DBS India.
Source ↗
10
Fairfax buys 51% of Catholic Syrian Bank, now CSB Bank (2018)
The same buyer paid ₹140 a share, 1.1x book, after a 2017 attempt failed on a ₹95 offer against the bank's ₹180–200 ask.
Source ↗

What Claude noticed

The government's IDBI auction failed once: first-round bids fell below ₹94.42, and the shares were at ₹70.38 when best offers were invited in May. The final ₹81 was reached after the floor was effectively set aside.

Source ↗

🇺🇸 ChatGPT10 places · 2 notes

The same question, answered by ChatGPT alone. The final list above combines all the AIs.

1
HDFC Bank–HDFC Ltd Merger (India, 2023)
HDFC Bank's SEC filing records ₹526,840 crore in acquisition consideration, vastly exceeding the cash value of any individual Indian bank stake sale in this ranking.
2
Fairfax–IDBI Bank Takeover (India, 2026)
India approved ₹81 a share after rejecting ₹75 against a ₹94.42 floor: the final offer beats the new ₹75.99 valuation but remains 14.1% below the original reserve.
Source ↗
3
Emirates NBD–RBL Bank Acquisition (India, 2025–2026)
Unlike the IDBI sale, the buyer injected roughly ₹26,000 crore into the bank itself; the completed investment left Emirates NBD holding 60%.
Source ↗
4
Kotak Mahindra Bank–ING Vysya Merger (India, 2014–2015)
A US$2.4 billion all-share combination turned ING's former 42.7% ownership in ING Vysya into a much smaller holding in a stronger combined bank.
Source ↗
5
SMBC–YES Bank Stake Acquisition (India, 2025)
Japanese SMBC paid ₹21.50 a share, roughly 18% above the previous close, for an initial 20% stake in a bank rescued only five years earlier.
Source ↗
6
Axis Bank–Citibank India Consumer Business Acquisition (India, 2023)
The purchase price fell by ₹722 crore between announcement and closing, partly reflecting customer attrition.
Source ↗
7
Warburg Pincus and ADIA–IDFC FIRST Bank Investment (India, 2025)
The ₹7,500 crore capital commitment brought two global investors into IDFC FIRST without selling a controlling stake.
Source ↗
8
IDFC Bank–Capital First Merger (India, 2018)
A transaction designed to transform a wholesale-oriented lender produced a combined bank with ₹17,508 crore in pro-forma net worth.
9
SBI-Led YES Bank Rescue (India, 2020)
Investors injected ₹10,000 crore at ₹10 a share, but the rescue's 2026 legacy now includes an ₹8,415 crore AT1 bond judgment.
Source ↗
10
DBS–Lakshmi Vilas Bank Rescue Merger (India, 2020)
The sharpest zero in this ranking: existing Lakshmi Vilas shareholders received no equity consideration, although customers and deposits moved into DBS Bank India.

What ChatGPT noticed

Public shareholders receive different economic outcomes when ownership changes: IDBI's public sellers receive proceeds, RBL receives fresh capital, and Lakshmi Vilas shareholders lost their equity.

Source ↗

Fairfax faces an additional ownership problem: it must resolve its existing CSB Bank interest because of regulatory limits on simultaneously controlling two banking licences.

Source ↗

🇺🇸 Gemini10 places

The same question, answered by Gemini alone. The final list above combines all the AIs.

1
Fairfax Financial Holdings acquisition of IDBI Bank (2026)
A winning bid of ₹81 per share beat the independent valuer's fair value of ₹75.99 by 6.6%, but sat 14.2% below the government's former reserve threshold of ₹94.42.
2
HDFC Ltd and HDFC Bank Reverse Merger (2023)
At roughly $40 billion in absorbed equity, India's largest non-state corporate transaction forged the world's fourth-largest lender without paying an acquisition premium.
3
Kotak Mahindra Bank acquisition of ING Vysya Bank (2014-2015)
A 100% stock-swap transaction set an Indian record with a 2.1x book multiple, unlocking southern India for Kotak while gifting Dutch giant ING a liquid 6.5% foothold.
4
State Bank of India consortium rescue of Yes Bank (2020)
A state-mandated rescue scheme sold newly issued equity at a fixed ₹10 per share—a brutal 97% collapse from peak valuation, yet 60% below prevailing market value.
5
Bandhan Bank acquisition of GRUH Finance (2019)
Priced at an astronomical 11.5x book value, this deal helped micro-lender Bandhan dilute its promoter holding to appease the central bank while absorbing a premier housing loan book.
6
LIC strategic takeover of IDBI Bank (2019)
State life insurer LIC paid ₹21,624 crore at ₹60.73 per share to pull IDBI Bank from the brink of insolvency, taking 51% control in what proved to be the precursor to its 2026 privatization.
Source ↗
7
Axis Bank acquisition of Citigroup India Consumer Business (2022-2023)
Axis Bank spent ₹11,603 crore in cold cash to absorb 2.4 million affluent cardholders and ₹50,200 crore in deposits, paying a ₹3,585 crore goodwill premium above net asset value.
Source ↗
8
IndusInd Bank merger with Bharat Financial Inclusion (2018-2019)
A high-multiple consolidation that valued the micro-lending target at 3.8x book value, instantly expanding IndusInd Bank's rural customer base by 10 million borrowers.
9
DBS Bank India takeover of Lakshmi Vilas Bank (2020)
India's first forced foreign takeover of a domestic lender completely wiped out common shareholders to zero, requiring Singapore's DBS to inject ₹2,500 crore in fresh tier-1 capital.
Source ↗
10
UBS emergency takeover of Credit Suisse (2023, Global Reference Benchmark)
A sovereign-engineered rescue saw UBS buy a 167-year-old titan at a 95% discount to tangible book value (0.05x P/B), backed by $10 billion in government downside guarantees.

🇨🇳 DeepSeek10 places · 2 notes

The same question, answered by DeepSeek alone. The final list above combines all the AIs.

1
HDFC Bank–HDFC Ltd merger (2023)
A $40 billion merger that created the world's fourth-most-valuable bank, done at 2.5x book value.
2
IDBI Bank–Fairfax stake sale (2026)
Fairfax paid ₹81 a share, a 10% discount to the market but 6.6% above the government's own revised fair value of ₹75.99.
Source ↗
3
Kotak Mahindra Bank–ING Vysya merger (2014)
Kotak paid 2.2x book value, a 16% premium to ING Vysya's one-month average price, creating India's fourth-largest private bank.
4
HDFC Bank–Centurion Bank of Punjab merger (2008)
HDFC Bank paid $2.4 billion, a 10% discount to CBoP's market price, valuing the target at ~4x FY09 book.
Source ↗
5
Yes Bank reconstruction (2020)
SBI led a rescue at ₹10 a share, a fraction of the pre-crisis market price, after the RBI superseded Yes Bank's board.
Source ↗
6
ICICI Bank–Bank of Rajasthan merger (2010)
ICICI paid ₹188.42 a share — a 90% premium to market — valuing the troubled Bank of Rajasthan at 2.9x book.
7
DBS–Lakshmi Vilas Bank amalgamation (2020)
Equity shareholders were wiped out — LVB's shares were written down to zero — while DBS injected $340 million.
8
Oriental Bank of Commerce–Global Trust Bank merger (2004)
A rescue merger where GTB's shareholders received nothing; OBC absorbed the failed bank for about ₹975 crore.
9
Indian Overseas Bank–Bharat Overseas Bank acquisition (2006–07)
IOB bought out 49.33% of the unlisted Bharat Overseas Bank at ₹155 a share, valuing it at just 1.2x book.
10
HDFC Bank–Times Bank merger (2000)
India's first major private-bank merger, done via a 1:5.75 share swap that valued Times Bank at a modest premium to book.

What DeepSeek noticed

The IDBI Bank sale is the first strategic privatisation of a Indian bank in two decades, but at ₹81 a share it was priced below the government's original reserve of ₹94.42 and only 6.6% above the revised fair value — a sign that the seller's floor had to be reset.

Source ↗

Price-to-book in Indian bank deals has ranged from zero (LVB) to over 4x (CBoP), showing that book value alone is a poor guide without asset-quality context.

Source ↗

🇨🇳 Qwen10 places · 1 notes

The same question, answered by Qwen alone. The final list above combines all the AIs.

1
IDBI Bank (Fairfax 2026)
₹81 a share beats the fair value but misses the government's own ₹94 reserve, handing a 23% premium over book value for a 60.72% stake.
Source ↗
2
Yes Bank (SMBC Stake 2024/2025)
Japan's SMBC paid $1.9 billion for a 20% stake at 1.4 times book value, stepping in where SBI once held the fort during the 2020 rescue.
3
HDFC Bank (Centurion Bank of Punjab 2008)
A $2.5 billion all-stock merger gave HDFC its biggest footprint expansion yet, absorbing a smaller rival at a steep premium to book value.
Source ↗
4
Axis Bank (Citibank India Retail 2023)
For ₹12,325 crore ($1.5 billion), Axis bought 3 million premium customers and credit cards in an asset purchase that avoided taking on the whole bank.
Source ↗
5
Kotak Mahindra Bank (ING Vysya 2014)
An all-stock deal valued at $2.4 billion paid 2.1 times book value, folding a foreign-controlled bank into Kotak's domestic empire.
6
IndusInd Bank (Bharat Financial 2018)
The $2 billion merger brought India's largest microfinance lender into a private bank, paying a steep market premium to secure rural reach.
7
Yes Bank (SBI Rescue 2020)
A pure rescue where SBI paid ₹10 a share—well below the ₹16 market price and ₹13 book value—to take a 48% stake and stop a collapse.
Source ↗
8
IDFC Bank (Capital First 2018)
A $1.5 billion reverse-merger of sorts that gave a non-banking finance company a banking license, paying a 12% premium to Capital First's book value.
9
ICICI Bank (Bank of Rajasthan 2010)
ICICI paid 2.9 times book value for a $650 million deal to secure a regional footprint, absorbing a family-run lender under regulatory pressure.
10
Lakshmi Vilas Bank (DBS 2020)
A forced amalgamation where the RBI wrote the book value down to zero, giving DBS the bank's branches while existing shareholders got nothing.

What Qwen noticed

The IDBI Bank sale to Fairfax marks India's first true privatization of a state-controlled bank since the 1990s, with the government and LIC retaining a 34% minority stake.

Source ↗

01Final list

IDBI Bank Fairfax deal (2026)

Kotak ING Vysya merger (2014)

Yes Bank rescue by SBI (2020)

Axis Bank Citibank India deal (2023)

Yes Bank SMBC stake sale (2025)

RBL Bank Emirates NBD deal (2025–26)

HDFC Bank Centurion Bank of Punjab merger (2008)

LIC IDBI Bank stake (2019)

IDFC First Bank Warburg Pincus ADIA investment (2025)

02More about the top three

1IDBI Bank Fairfax deal (2026)

2Kotak ING Vysya merger (2014)

3Yes Bank rescue by SBI (2020)

The top three side by side

More ratings

03Worth knowing

04Questions people ask

05How we counted

1The question

2Why this topic

3Where it applies

4What we looked at

5Who ranked

6How the places were set

06Each AI's own list

What Claude noticed

What ChatGPT noticed

What DeepSeek noticed

What Qwen noticed