India’s IDBI Bank to Seek Shareholders’ Approval to Sell its 14.9 per cent Equity Stake to LIC

• Radhakrishna N S
• 28 August, 2018

By: Radhakrishna N S

India’s largest state-owned insurer, Life Insurance Corporation of India Ltd., will purchase 14.9 per cent equity stake in trouble-hit government owned IDBI Bank as a first step to take ownership of the majority of the shares of the lender. “It is advised that the bank has received a letter dated August 28, 2018, from Life Insurance Corporation of India giving their principle approval for subscription of the equity shares on preferential basis subject to their total exposure not exceeding 14.90 per cent of post-issue capital of IDBI Bank at any point of time,” said IDBI Bank in a stock exchange…

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