GET Stock QuotesNews18 APP
News18 English

Madhya Pradesh

Rajasthan

Poll in 1 seat deferred

Chhattisgarh

Telangana

Mizoram

»
1-min read

LIC Board Nod for Acquisition of up to 51 Per Cent Stake in IDBI Bank

Now the state-owned Life Insurance Corporation of India (LIC) will approach markets regulator Sebi. Insurance regulator Irdai has already given its approval to the insurer for the stake purchase.

PTI

Updated:July 16, 2018, 2:42 PM IST
facebookTwittergoogleskypewhatsapp
LIC Board Nod for Acquisition of up to 51 Per Cent Stake in IDBI Bank
File photo: IDBI Bank.
Loading...
New Delhi: The LIC board on Monday gave approval to the insurance behemoth for acquiring of up to 51 per cent stake in IDBI Bank, Economic Affairs Secretary S C Garg said on Monday.

Now the state-owned Life Insurance Corporation of India (LIC) will approach markets regulator Sebi. Insurance regulator Irdai has already given its approval to the insurer for the stake purchase.

Garg said the board, which met here, approved LIC buying up to 51 per cent stake in IDBI Bank.

LIC stake buy will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore.

LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.

It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC.

The bank would also get accounts of about 22 crore policy holders and subsequent flow of fund.

Once the deal goes through, IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of the March quarter, will get much needed capital support to revive its fortune.
(Get detailed and live results of each and every seat of the state Assemblies in Madhya Pradesh, Rajasthan, Telangana, Chhattisgarh and Mizoram to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you put on the psephologist's hat. Know interesting facts and trivia about the elections. Elections = News18)
| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 177.85 7.36
Reliance 1,097.55 0.67
ICICI Bank 342.80 -1.02
Kotak Mahindra 1,218.70 1.70
Sun Pharma 422.30 5.84
Company Price Change %Gain
Yes Bank 177.40 7.29
Sun Pharma 421.80 5.75
Reliance 1,096.20 0.71
Kotak Mahindra 1,218.50 1.70
Tata Steel 501.60 -0.09
Top Gainers
Company Price Change %Gain
Yes Bank 177.85 7.36
Sun Pharma 422.30 5.84
Asian Paints 1,323.60 3.88
Titan Company 933.15 2.87
Zee Entertain 478.90 2.74
Company Price Change %Gain
Yes Bank 177.40 7.29
Sun Pharma 421.80 5.75
Asian Paints 1,323.95 4.03
SBI 281.20 2.85
Axis Bank 604.25 2.42
Top Losers
Company Price Change %Gain
HPCL 220.10 -2.91
IOC 131.95 -1.79
Bharti Airtel 290.25 -1.59
HDFC Bank 2,059.55 -1.40
BPCL 326.75 -1.06
Company Price Change %Gain
Bharti Airtel 290.10 -1.43
HDFC Bank 2,060.80 -1.36
ICICI Bank 342.75 -1.04
Adani Ports 356.90 -0.68
Maruti Suzuki 7,309.85 -0.55

Live TV

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