• Friday, August 12, 2022

Business

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

India’s insurance industry is expected to grow to £216.38 billion by fiscal year (FY) 2020, said ASSOCHAM and APAS.

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…

You do not have access to this content. You need to subscribe.

Eastern Eye

Related Stories

Eastern Eye

Videos

Mrunal Thakur on Dhamaka, experience of working with Kartik Aaryan,…
Nushrratt Bharuccha on Chhorii, pressure of comparison with Lapachhapi, upcoming…
Abhimanyu Dassani on Meenakshi Sundareshwar, how his mom Bhagyashree reacted…