Life Insurance Corporation of India (LIC) on Thursday came out with an open offer for acquiring 26% of equity in IDBI Bank at a price of ₹61.73 per share, entailing total payout of over ₹12,602 crore.
Earlier in the day, IDBI Bank board approved the proposal for issuance of preferential shares in favour of LIC with a view to increase the share of insurer in the bank up to 51%.
LIC made a public announcement for the open offer to shareholders, including retailers, as per the Securities and Exchange Board of India (Sebi) regulations with regard to substantial acquisition and takeover of shares in a company.