LIC board approves plan to buy up to 51% stake in IDBI Bank
The board of Life Insurance Corporation (LIC) gave its approval to buy up to 51% stake in public sector lender IDBI Bank, Economic Affairs Secretary SC Garg said on Monday. LIC's stake buy will help the debt-ridden state-owned bank get a capital support of â¹10,000-13,000 crore. The deal will now need the approval of IDBI Bank's board, Garg added.