India: LIC board approves acquisition of 14.9% stake in IDBI Bank

India: LIC board approves acquisition of 14.9% stake in IDBI Bank

Photo: Reuters

The board of Life Insurance Corp of India has given an in principle approval to acquire 14.9% stake in IDBI Bank Ltd, the bank said in a filing to the BSE on Tuesday.

“LIC has given its in principle approval for subscription of equity shares on preferential basis subject to its total exposure not exceeding 14.90% of post issue capital of IDBI Bank at any point of time,” the filing said.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter