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Life Insurance Corp. of India issues open offer to buy 26% stake in IDBI Bank

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Life Insurance Corp. of India issues open offer to buy 26% stake in IDBI Bank

Life Insurance Corp. of India has made an open offer to equity shareholders to purchase 26% stake in IDBI Bank Ltd. for a total price of 126.02 billion rupees, or 61.73 rupees per share.

Life Insurance Corp. of India is proposing to acquire 2,041,512,929 equity shares of 10 rupees each, equivalent to 26% equity of IDBI Bank. The offer price will be paid in cash.

In September, IDBI Bank's board approved Life Insurance Corp. of India's bid to increase its share in the bank to 51%.

As of Oct. 4, US$1 was equivalent to 73.82 Indian rupees.