<article>LIC has made an open offer to acquire 26 per cent stake in IDBI, while ICICI Venture is looking to acquire stake in Micro Plastics.</article>

LIC has made an open offer to acquire 26 per cent stake in IDBI, while ICICI Venture is looking to acquire stake in Micro Plastics.
<h3>LIC makes $1.7b open offer to acquire 26% stake in IDBI</h3>
<a href="http://dealstreetasia.com/tag/lic" target="_blank" rel="noopener">Life Insurance Corporation of India</a> has made open offer to acquire 26 per cent equity in<a href="http://dealstreetasia.com/tag/idbi" target="_blank" rel="noopener"> IDBI Bank</a> at Rs 61.73 per share, amounting to a total of over Rs 12,602 crore.
The public announcement follows the bank&#8217;s board approval to the issue of preferential shares in favour of the insurer to increase the latter&#8217;s share in IDBI up to 51 per cent.
“The board of directors of the target company (IDBI Bank) in their meeting held on October 4, 2018 have authorised the preferential allotment representing up to 51 per cent of the fully diluted voting share capital (preferential issue) in favour of the acquirer (LIC) along with the acquisition control,&#8221; IDBI said in a filing to the stock exchanges.
Under the open offer, LIC proposes to acquire more than 2.04 billion equity shares of Rs 10 each, equivalent to 26 per cent equity of IDBI Bank.
LIC’s open offer was triggered by the government&#8217;s transfer of 43 per cent of its stake in IDBI Bank to the LIC, which resulted in the insurer&#8217;s holding going up to 51 per cent.
<h3>ICICI Venture eyes stake in Micro Plastics</h3>
Private equity firm <a href="http://dealstreetasia.com/tag/icici-venture" target="_blank" rel="noopener">ICICI Venture</a> is in talks to acquire a significant minority stake in Bengaluru-based Micro Plastics Pvt Ltd, according to a report in The Economic Times quoting sources.
As per the news report, Micro Plastics, a contract manufacturer and exporter of toys, model hobby kits and sports equipment,  has been in talks with a few other private equity funds to sell 25-30 per cent stake in the company in a deal worth Rs 300 crore.
The company plans to use the funds raised from the stake sale to expand its manufacturing capacity to meet global demands, said sources quoted in the report.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/lic-idbi-bank-106122/" target="_blank" rel="noopener">India: LIC to explore open offer for IDBI Bank shares</a>
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LIC has made an open offer to acquire 26 per cent stake in IDBI, while ICICI Venture is looking to acquire stake in Micro Plastics.

India Digest: LIC open offer for IDBI; ICICI Venture eyes Micro Plastics pie

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