Life Insurance Corporation of India (LIC), which currently has 51% stake in IDBI Bank, could bring it down well ahead of the 12 year period stipulated by the Reserve Bank of India (RBI). Officials of the country’s largest life insurance company said that Department of Investments and Public Asset Management (DIPAM) is looking for consultants for its initial public offering (IPO) of the state-owned insurer.
Vipin Anand, MD at LIC, speaking to CNBCTV18 on Wednesday stated that RBI has given them 12 years to bring down its stake in IDBI Bank, but they have no intention of staying so long. “We are essentially looking at midterm horizon, where we would be able to make some good profit and then exit,” said Anand.
