LIC needs to acquire controlling stake of IDBI Bank


Union Cabinet chaired by PM Shri Narendra Modi has approved conveying of no objection to the reduction in Government of India shareholding in IDBI Bank Limited to below 50% by dilution. It has also approved the acquisition of controlling stake by Life Insurance Corporation of India (LIC) as the promoter in the bank through preferential allotment / open offer of equity, and relinquishment of management control by the Government in the bank.