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News From Press LIC-IDBI Bank deal likely to conclude by September

LIC-IDBI Bank deal likely to conclude by September

Source: Mint Jul 12, 2018

After getting a go-ahead from regulator Insurance Regulatory and Development Authority of India (IRDAI), Life Insurance Corporation of India (LIC) is preparing to complete the 51% acquisition of debt-ridden IDBI Bank Ltd by the end of September, people familiar with the matter said. LIC is conducting due diligence on IDBI Bank, its assets, debt position and fixed assets, the people added.

Besides, LIC also intends to make an open offer to minority shareholders of IDBI Bank. According to the Securities and Exchange Board of India’s (Sebi) takeover code, an acquirer has to make an open offer to shareholders of the target company on acquiring shares or voting rights of 25% or more.

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