LIC needs to acquire controlling stake of IDBI Bank

LIC needs to acquire controlling stake of IDBI Bank

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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.

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