LIC board decides modalities, timeline for stake hike in IDBI Bank

LIC board decides modalities, timeline for stake hike in IDBI Bank In August, the Union Cabinet had authorised LIC's proposed acquisition of up to 51 in keeping with cent stake in debt-ridden IDBI Bank. The financial institution, wherein the government holds eighty five.Ninety six per cent stake, had posted a internet loss of Rs 2,409.89 crore within the quarter ended June 2018. It had published a gross non-appearing asset (NPA) of approximately Rs 57,807 crore. The Insurance Regulatory and Development Authority of India board, at its assembly held in Hyderabad in June, had authorized LIC to growth its stake from 10.82 according to cent to 51 consistent with cent in IDBI Bank. As per current regulations, an insurance enterprise cannot own more than 15 per cent in any listed economic company. LIC has been seeking to input the banking area by obtaining a majority stake in IDBI Bank as the deal is predicted to offer commercial enterprise synergies despite the lender's stressed balance sheet. With the end result of the deal, LIC will get about 2,000 branches through which it could promote its products, even as the financial institution might get massive budget of LIC. Dailyhunt https://issuu.com/joonejulee

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