LIC board agrees to buy 14.9% stake in IDBI as first step
India's largest life insurer LIC's board will purchase 14.9% stake in IDBI Bank, as a first step towards taking majority ownership in the lender. The Union Cabinet had earlier approved LIC's proposal to acquire 51% stake in IDBI Bank through preferential issue of shares. The bank is expected to get between â¹10,000-13,000 crore once the entire transaction is complete.