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Life Insurance Corp. of India raises stake in IDBI Bank

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Life Insurance Corp. of India raises stake in IDBI Bank

Life Insurance Corp. of India through a preferential allotment of equity shares acquired a 29.41% stake in IDBI Bank Ltd. on Dec. 28, 2018.

The transaction raised LIC's stake in the bank to 44.31% from 14.90% and decreased the Indian government's stake to 52.02% from 79.5%. LIC has received approval to raise its stake in IDBI Bank to 51%, which would make it the lender's controlling shareholder.

The insurer is wholly owned by the Indian government.