Centre's Cash Rich LIC To Buy Controlling Stake In Debt-Laden IDBI Bank | Read
PUBLISHED ON: August 2, 2018 | Duration: 1 min, 03 sec
The Cabinet on Wednesday cleared the purchase of 51 per cent controlling stake in IDBI Bank by state-run insurer Life Insurance Corporation (LIC), sources said. As per the proposal, the debt-laden bank will issue preferential shares to Life Insurance Corporation (LIC) to raise capital. The LIC-IDBI deal has been approved, a source said after the meeting of Union Cabinet, chaired by Prime Minister Narendra Modi.