The board of Life Insurance Corporation of India (LIC) is scheduled to meet in Mumbai on Monday to finalise the acquisition of 51% stake in IDBI Bank Ltd, people familiar with the matter said. LIC ha completed the due diligence of IDBI Bank according to the directions of the Insurance Regulatory Development Authority of India (Irdai), the people said. LIC will approach Sebi after getting approval from its board for the IDBI Bank acquisition.
“The LIC-IDBI Bank deal will trigger an open offer to protect the interest of minority shareholders in the bank,” said one of the persons quoted. The LIC-IDBI Bank deal is likely to be finalized by September.
