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Business EconomyPosted at: Jul 17 2018 9:30PM


IDBI board to seek govt decision over LIC proposal

New Delhi, July 17 (UNI) A day after board of state-run insurance company LIC gave its nod to increase its stake in debt-ridden Public Sector Bank IDBI up to 51 per cent; the IDBI board decided to seek the decision
of the government over the LIC proposal.
This was decided at a meeting of the IDBI Board in Mumbai on Tuesday.
In a regulatory filing, IDBI Bank said it has received a letter from Life Insurance Corporation of India (LIC) expressing its interest in acquiring 51 per cent controlling stake in IDBI Bank, as a promoter through preferential allotment of shares/ open offer. The bank’s board considered the proposal and “decided to seek Government of India’s decision in this regard”, the filing said.
LIC currently owns 7.98 per cent in the bank compared to 10.82 per cent as on March 31, 2018. Last month, Insurance Regulatory and Development Authority of India (Irdai) had given approval to LIC to acquire controlling stake in state-run lender, which is sitting on a huge pile of stressed assets.

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