IDBI Bank has approved Life Insurance Corporation of India’s (LIC) proposal to pick up additional 7% stake in the bank, a move which will eventually lead to acquisition of 51% shareholding by the insurance behemoth in the debt-ridden lender.
The board of directors has approved the proposal for seeking shareholders' approval through postal ballot for the preferential issue of equity capital to LIC aggregating up to 14.90% of the bank's post issue paid up capital.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
| Company Name | CMP |
|---|---|
| HDFC Bank | 764.55 |
| ICICI Bank | 1266.15 |
| Axis Bank | 1271.05 |
| Kotak Mahindra Bank | 381.30 |
| Indusind Bank | 922.20 |
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