LIC board approves proposal to acquire 51 pct stake in IDBI Bank
According to the Economic affairs secretary, using this route rather than LIC directly buying the government’s stake in IDBI Bank will ensure that the latter receives the capital. He reportedly said that an open offer may not be required as the public shareholding in IDBI Bank is merely 5 percent, adding “LIC will go through the process and make the open offer if necessary, but it is not very material.”
The Life Insurance Corporation of India's (LIC) board today approved a proposal to acquire a 51 percent stake in IDBI Bank. Image source: Reuters