News From Press LIC yet to seek open offer exemption for IDBI takeover: Sebi

LIC yet to seek open offer exemption for IDBI takeover: Sebi

Source: Economic Times Sep 19, 2018

Markets watchdog Sebi Tuesday said LIC has not sought any exemption from the open offer requirement to take over the crippled state-run lender IDBI Bank for around Rs 11,000 crore.

On July 16, the board of the national insurer had accepted the forced takeover of the bank, which has been under the prompt corrective action plan of the Reserve Bank after its bad loans touched 28 per cent.

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