GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
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.

Also Watch

| Edited by: Ahona Sengupta
Read full article
Loading...
Most Active
Company Price Change %Gain
Axis Bank 635.75 +11.35 +1.82
Reliance 1,247.20 +12.30 +1.00
Tata Steel 582.15 -17.25 -2.88
Infosys 1,383.95 -0.30 -0.02
Tech Mahindra 709.40 +21.45 +3.12
Company Price Change %Gain
Ramco Cements 678.55 -2.30 -0.34
Reliance 1,246.50 +11.60 +0.94
Westlife Dev 398.95 +6.50 +1.66
Tech Mahindra 707.30 +21.40 +3.12
Tata Steel 582.25 -17.15 -2.86
Top Gainers
Company Price Change %Gain
UPL 646.20 +27.30 +4.41
Tech Mahindra 709.40 +21.45 +3.12
Coal India 291.40 +7.35 +2.59
Grasim 1,065.40 +25.55 +2.46
Lupin 888.60 +19.35 +2.23
Company Price Change %Gain
Coal India 291.55 +7.35 +2.59
Axis Bank 636.20 +12.00 +1.92
NTPC 161.20 +2.70 +1.70
Sun Pharma 635.25 +10.55 +1.69
Wipro 288.50 +4.20 +1.48
Top Losers
Company Price Change %Gain
Tata Steel 582.15 -17.25 -2.88
BPCL 368.75 -7.20 -1.92
HUL 1,752.50 -24.50 -1.38
Vedanta 218.85 -3.00 -1.35
M&M 957.80 -11.75 -1.21
Company Price Change %Gain
Tata Steel 582.25 -17.15 -2.86
HUL 1,752.40 -23.00 -1.30
Vedanta 219.20 -2.60 -1.17
M&M 957.55 -10.85 -1.12
Yes Bank 391.00 -2.85 -0.72
Loading...
Loading...