IDBI Bank gets govt nod for acquisition by LIC
Earlier this month, the Union Cabinet had approved Life Insurance Corp's proposed acquisition of up to 51 percent stake in debt-ridden IDBI Bank.
In a stock exchange filing the state-owned bank said that the government has conveyed its "no objection" to a reduction in government's shareholding to below 50 percent, relinquishment of management control in IDBI Bank and acquisition of controlling stake in IDBI Bank by LIC as a promoter.
Sources said the bank will get a capital support of about Rs 13,000 crore from LIC, depending on the share price of the bank.
IDBI Bank's shares closed flat at Rs 61.95 a piece on BSE.
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