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.
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