Life Insurance Corporation of India (LIC) will infuse Rs 406.9 crore in IDBI Bank increasing its stake 14.25 per cent in the state-owned lender.
In a regulatory filing, IDBI Bank said it received a letter today from the LIC “for infusion of capital to the tune of Rs 406.90 crore on preferential allotment basis“.
The capital infusion from the state-owned insurance behemoth is within the capital amount (up to Rs 600 crore) proposed to be issued to financial institutions including insurance companies, mutual funds, and banks, it added.
Currently, the LIC has 13.76 per cent stake in the bank.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.