IDBI Bank, the public sector lender is planning to raise up to Rs 1,500 crore by selling stake to Life Insurance Corporation of India (LIC) by preferential issuance of shares to the insurer. The bank has already received its board’s approval for preferential issue of capital to LIC, aggregating up to Rs 1,500 crore (inclusive of premium amount) subject to Government of India's approval. Currently, LIC and various other schemes hold 7.25% stake in IDBI Bank. Last week, the bank also got board approval for raising up to $500 million through tier I bonds.
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