INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The life Insurance Corporation of India (LIC) board is exploring an open offer for IDBI Bank shareholders, Economic Affairs
Secretary Subhash Chandra Garg has said.
Garg said the board has laid out the timeline for the completion of 51 per cent stake acquisition
He did not share details of the timeline.
On whether Sebi will exempt LIC from open offer, Garg said market regulator Sebi will decide
whether to provide any exemption.
These comments come after the board of IDBI Bank last week approved a proposal seeking shareholders' nod
up capital.
LIC intends to increase its stake in IDBI Bank to 51 per cent.
ET Now had earlier reported that the insurance behemoth may
complete acquisition of controlling stake in IDBI Bank in two-three tranches
The move will mark the entry of the insurance behemoth into the banking space.
In August, the Cabinet had approved LIC's proposed
acquisition of up to 51 per cent stake in IDBI Bank
The board of Insurance Regulatory and Development Authority of India (Irdai) in June had permitted LIC to go ahead with the stake buy.
