GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Cabinet Clears Deal for LIC to Purchase Controlling Stake in IDBI

As per the proposal, the debt-laden bank will issue preferential shares to Life Insurance Corporation (LIC) to raise capital.

PTI

Updated:August 1, 2018, 3:16 PM IST
facebookTwittergoogleskypewhatsapp
Cabinet Clears Deal for LIC to Purchase Controlling Stake in IDBI
File photo: IDBI Bank.
Loading...
New Delhi: The Cabinet on Wednesday cleared the purchase of 51 per cent controlling stake in IDBI Bank by state-run insurer Life Insurance Corporation (LIC), sources said.

As per the proposal, the debt-laden bank will issue preferential shares to Life Insurance Corporation (LIC) to raise capital.

The LIC-IDBI deal has been approved, a source said after the meeting of Union Cabinet, chaired by Prime Minister Narendra Modi.

LIC already has 7-7.5 per cent stake in the bank and will acquire the remaining for majority holding.

Although, the proposed acquisition by LIC would not bring any money to the government, the bank would get capital support between Rs 10,000 crore and Rs 13,000 crore, depending on the share price of the bank.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,101.30 -4.34
Indiabulls Hsg 653.80 -17.10
Dewan Housing 210.55 -10.75
Yes Bank 217.90 -6.04
Bajaj Finance 2,140.50 -0.47
Company Price Change %Gain
Sudarshan Chem 385.05 2.64
Indiabulls Hsg 654.25 -17.06
Reliance 1,101.65 -4.11
Dewan Housing 211.80 -10.37
Yes Bank 217.70 -6.06
Top Gainers
Company Price Change %Gain
HPCL 215.90 4.15
Sun Pharma 609.95 2.78
Kotak Mahindra 1,198.95 1.95
Bharti Infratel 264.45 1.71
Vedanta 211.10 1.51
Company Price Change %Gain
Sun Pharma 608.40 2.52
Kotak Mahindra 1,199.55 1.83
Vedanta 211.15 1.51
HUL 1,579.20 1.16
ITC 288.45 0.73
Top Losers
Company Price Change %Gain
Indiabulls Hsg 653.80 -17.10
HCL Tech 958.50 -6.42
Yes Bank 217.90 -6.04
HDFC 1,660.25 -4.46
Reliance 1,101.30 -4.34
Company Price Change %Gain
Yes Bank 217.70 -6.06
HDFC 1,661.30 -4.32
Reliance 1,101.65 -4.11
Hero Motocorp 2,711.00 -3.70
Infosys 682.60 -3.11

Live TV

Loading...
Loading...