IDBI Bank approves issuance preference shares to LIC
Business | August 31, 2018 16:58 ISTEarlier this month, the Union Cabinet had approved LIC's proposed acquisition of up to 51 per cent stake in debt-ridden IDBI Bank.
Earlier this month, the Union Cabinet had approved LIC's proposed acquisition of up to 51 per cent stake in debt-ridden IDBI Bank.
LIC already has 7-7.5 per cent stake in the bank and will acquire the remaining for majority holding.
According to a BSE filing, the lender received LIC's proposal to acquire the controlling stake, as a "promoter through preferential allotment of shares or open offer" on Monday.
Insurance regulator IRDAI has already given its approval to the insurer for the stake purchase.
Sources added that if the deal goes through, the IDBI Bank would get a capital support of Rs 10,000-Rs 13,000 crore.
If the LIC becomes a major stakeholder in IDBI Bank, it could be beneficial for both state-owned financial players in the long run.
The media reports also said the government had sought the views of insurance regulator IRDAI and markets watchdog Sebi on the move. IRDAI does not allow LIC or any other insurer to own more than 15 per cent in any company.
Life Insurance Corporation of India (LIC) on Tuesday announced the launch of a cancer cover as a health insurance policy with sum assured ranging from Rs 10 lakh to Rs 50 lakh.
Arun Jaitley last week said that there were multiple options before the government for recap bonds and they are being examined and the best ones would be explored.
As per the regulatory norms, an insurance firm is restricted from holding more than 15 per cent of shares in any listed firm.
LIC, which manages Rs 25 trillion of assets, has divided its investment portfolio among the three managing directors so that a more balanced decision can be taken.
The government has replaced SK Roy as chairman of state-owned Life Insurance Corporation of India with Managing Director VK Sharma. Roy resigned in June, nearly two years ahead of his retirement.
Government will soon start the selection process of new LIC chairman following the premature exit of the incumbent, S K Roy, and complete the whole exercise by the next month.
New Delhi: Life Insurance Corporation of India (LIC) Chairman S K Roy, appointed by the previous UPA government, has resigned two years ahead of completion of his five-year term. Roy, who took charge as
New Delhi: The government's disinvestment kitty has almost doubled this year with over Rs 35,000 crore garnered through stake sales in PSUs, but not without the help of its all-time saviour Life Insurance Corporation (LIC),
Mumbai: Life Insurance Corporation (LIC) chief S K Roy was yesterday elected as Chairman of the Life Insurance Council, the apex industry body of insurers in the country.Roy was elected in a poll conducted among
Mumbai: With women officers already heading most of its subsidiaries, the Life Insurance Corporation (LIC) is continuing with the trend to place them in bigger roles. The trend began with the appointment of Usha Sangwan as
New Delhi: The railway ministry and its PSU Indian Railway Finance Corporation hosted a meeting of banks and financial institutions over an investment plan of Rs.8.5 lakh crore in the coming five years to strengthen and
New Delhi: Life Insurance Corporation (LIC) has shored up its stake in Infosys to 4.81 per cent, purchasing shares worth over Rs 300 crore in the January-March quarter.This is the fourth consecutive quarter of share
New Delhi: State-run insurance major LIC on Wednesday committed Rs 1.5 lakh crore to the Indian Railways for development of various commercially viable projects in one of the largest railway networks in the world.The investment
Top News
Latest News