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LIC to buy additional stake in IDBI Bank

01 Sep 2018 Evaluate

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.

IDBI Bank Share Price

73.24 -1.52 (-2.03%)
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