your password has been reset successfully, Please login again.

LIC board gives nod for majority stake in IDBI Bank

LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent.
BY BEx Bureau
BusinessEx
Jul 16, 2018

The Life Insurance Corporation of Indias board has approved raising its stake in state-run IDBI Bank to 51 percent, Economic Affairs Secretary Subhash Chandra Garg told reporters on Monday.

Garg, who is on the board of LIC, said the additional stake buy would be most likely through a preferential shares issue, enabling injection of funds to IDBI Bank.

Garg also said if required LIC will make an open offer.

LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent.

Please add your Comment
SIMILAR News
November 20, 2018
Through this investment, BillDesk will develop new product lines for its payments and loyalty busine ...More
By Vaishnavi Gupta
November 19, 2018
Ananth Narayanan, Chief Executive Officer of Myntra, will continue to lead the team. ...More
By Vaishnavi Gupta
November 16, 2018
This acquisition will help FarEye to reinforced its growth plans to solve challenges for long-haul a ...More
By Vaishnavi Gupta
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta