The country’s biggest institutional investor Life Insurance Corporation of India (LIC) is keen to divest its stake in IDBI Bank, ET NOW reported quoting government sources.
However, the report added that the sale structuring is yet to be decided. Life Insurance Corporation had a 51 per cent stake in the bank as of September 30, while the government had 47.11 per cent.
“LIC has received inter-ministerial feedback on IDBI Bank stake sale. Ministerial panel is yet to decide on the structuring of IDBI Bank stake sale,” the report said.
The insurance behemoth will soon seek broad in-principle cabinet nod for the stake sale in IDBI Bank.
Earlier in the day, the share price of the lender closed 2.61 per cent down at Rs 33.60. On the other hand, the BSE Sensex slipped 1,066 points, or 2.61 per cent, to 39728 tracking weak global cues.
Source: Economic Times