Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
SPONSORED BY
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Competition Commission Approves LIC's Majority Stake Buy in IDBI Bank

In a tweet on Tuesday, the fair trade regulator said it has approved "acquisition of up to 51 per cent equity share capital in IDBI Bank Ltd by Life Insurance Corporation of India".

PTI

Updated:November 27, 2018, 9:17 PM IST
facebookTwittergoogleskypewhatsapp
Competition Commission Approves LIC's Majority Stake Buy in IDBI Bank
An image showing the LIC logo.
Loading...
New Delhi: The Competition Commission has cleared LIC's proposed acquisition of up to 51 per cent stake in debt-laden IDBI Bank.

The deal would help the insurance behemoth to enter the banking space and would provide business synergies despite the IDBI Bank's stressed balance sheet.

In a tweet on Tuesday, the fair trade regulator said it has approved "acquisition of up to 51 per cent equity share capital in IDBI Bank Ltd by Life Insurance Corporation of India".

Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.

In August, the government gave its nod for the LIC's proposed purchase of up to 51 per cent stake in the bank.

With the deal, the insurer would have access to around 2,000 branches of the bank through which it can sell its products.

Last month, the LIC announced an open offer to buy 26 per cent stake from shareholders of the bank.

The open offer, wherein shares are to be acquired at a price of Rs 61.73 apiece, would commence from December 3.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
T&C Apply. ARN EU/04/19/13626
 

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results