Tag: LIC-IDBI
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IDBI-LIC deal: State-owned bank’s board to consider allotment of up to 51% shares to insurance behemoth on 4 October
Category EconomyState-owned IDBI Bank said on Friday its board will meet next week to consider preferential allotment of up to 51 percent shares to insurance behemoth LIC to acquire the debt-ridden bank. In a regulatory filing, IDBI Bank said it has received a letter from LIC conveying approval of their Board of Directors for subscribing to…
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LIC-IDBI Bank deal
Category BankingHow did an insurance company that has no major prior experience in handling banking business end up taking over one of the worst performing banks in the country? Beginning with the UPA-era, the center has been scouting for potential buyers for smaller state-owned banks to push ahead with their privatization agenda. This was after several…
