IDBI Bank has allotted 82,75,90,885 equity shares to Life Insurance Corporation of India (LIC) at a price of Rs 60.73 per share (inclusive of premium amount of Rs 50.73 per share) aggregating to Rs 5025.96 crore in the final tranche II of the Preferential Issue on January 21, 2019 thereby completing acquisition of 51% controlling stake by LIC in IDBI Bank. The Board has also approved reclassification of LIC as Promoters of IDBI Bank in terms of the Shareholder’s resolution passed on November 07, 2018 to this effect.
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