LIC seeks govt nod to buy controlling stake in IDBI Bank2 min read . Updated: 23 Jun 2018, 01:46 PM IST
Life insurance Corporation of India (LIC), which currently owns 8% in IDBI Bank, wants to buy an additional 43% stake in the lender for about Rs10,500 crore
Mumbai: State-run Life Insurance Corporation of India (LIC) has sought government approval to buy a controlling stake in troubled IDBI Bank Ltd, said a person with direct knowledge of the matter. The move will enable the insurance company’s entry into the Indian banking system.
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