New Delhi: Insurance
behemoth LIC will acquire up to 51 percent stake in state-owned IDBI Bank after
regulator IRDA approved the plan that will help convert the debt-ridden lender
into a private sector entity.
According to sources, the board of Insurance Regulatory and
Development Authority (IRDA) at its meeting held on Friday in Hyderabad
permitted Life Insurance Corporation (LIC) to increase the current stake from
10.82 per cent to 51 per cent in IDBI Bank.
This would be in deviation from the existing rules which
restrict any insurers having stake beyond 15 per cent in the financial firms.
Sources added that if the deal goes through, the IDBI Bank would
get a capital support of Rs 10,000-Rs 13,000 crore.
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