News From Press LIC-IDBI Bank deal gets cabinet nod

LIC-IDBI Bank deal gets cabinet nod

Source: Economic Times Aug 2, 2018

The Union cabinet on Wednesday gave its nod to a proposal for Life Insurance Corporation of India (LIC) to acquire 51% stake in IDBI Bank through preferential offer of equity.

There will also be an open offer for IDBI Bank shareholders by LIC once the transaction is complete.

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