Government Not To Participate In LIC Open Offer To Acquire IDBI Bank

IDBI Bank on Tuesday said the government would not participate in Life Insurance Corporation (LIC)'s open offer to acquire a 51 per cent stake in the bank.

LIC's open offer to purchase 26 per cent shares of IDBI Bank opened on December 3, and will close on December 14.

In October, LIC announced an open offer for acquiring 26 per cent of equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,602 crore.

"IDBI Bank is in receipt of letter dated December 03, 2018 from Government of India confirming that Government of India will not participate in the open offer made by LIC," IDBI Bank said in a regulatory filing.

At 2:28 pm, shares in IDBI Bank were trading 0.8 per cent higher at Rs 59.90 apiece on the NSE, whose benchmark index Nifty was down 0.1 per cent.