India Approves IDBI Bank Stake Sale to Fairfax as Jio IPO Dates Set and Netflix Cuts Jobs
The Indian government approved Fairfax Financial Holdings as the strategic buyer for a 60.72% stake in IDBI Bank Limited (NSE:IDBI) for ₹52,878 crore. The deal includes shares held by the government and Life Insurance Corporation of India, making it the largest foreign direct investment in India's financial sector. Shares of IDBI Bank Limited fell 5.96% to 85 INR following the announcement.
In media news, Netflix, Inc. (NASDAQ:NFLX) is eliminating around 1,000 jobs, or 6% of its workforce, marking its largest layoff round since 2022. The decision follows intense streaming competition and Netflix losing its bid for Warner Bros Discovery's streaming and studio assets to Paramount Skydance. Netflix stock edged up 0.16% to 70.57 USD.
Separately, Jio Platforms set its initial public offering dates for October 21 through October 23, with anchor bidding launching on October 19. The company reserved up to ₹500 crore in shares for employees and ₹2,500 crore for eligible Reliance Industries shareholders. In policy news, India updated its tax treaty with Mauritius to introduce a Principal Purpose Test to prevent treaty abuse.
Key points
- The Indian government approved selling a 60.72% stake in IDBI Bank Limited (NSE:IDBI) to Fairfax Financial Holdings for ₹52,878 crore.
- Jio Platforms scheduled its initial public offering subscription period for October 21 to October 23, with anchor bidding on October 19.
- Netflix, Inc. (NASDAQ:NFLX) is cutting about 1,000 jobs, or 6% of its workforce, after losing a bid for Warner Bros Discovery assets.
- India amended its tax treaty with Mauritius to introduce a Principal Purpose Test targeting improper tax benefit claims.
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How we writeDisclaimerQuestions and answers
When will the Jio Platforms IPO open for subscription?
The Jio Platforms IPO opens for subscription on October 21 and closes on October 23, with anchor bidding taking place on October 19.
How much is Fairfax paying for its stake in IDBI Bank?
Fairfax Financial Holdings is acquiring a 60.72 percent stake in IDBI Bank for ₹52,878 crore from the government and LIC.
Why is Netflix cutting 1,000 jobs?
Netflix is cutting about 1,000 jobs, or 6 percent of its workforce, due to streaming competition after losing a bid for Warner Bros Discovery assets to Paramount Skydance.