LIC to sell stake in IDBI Bank to ease process of disinvestment
March 07, 2021
Government intends to complete the process in FY21-22
Life Insurance Corporation of India (LIC) has agreed to shed its shareholding in IDBI Bank, a move which will give a boost to the government to completely exit from the IDBI Bank and also ease the process of its strategic disinvestment.
However, it is for LIC to decide on the quantum of stake it would like to part with to aid this process.
As on December 30, 2020, LIC holds 49.24 per cent of stake in LIC while 45.48 per cent is with the Central Government.
The authorised share capital of LIC shall be ₹25,000 crore divided into 2,500 crore shares of ₹10 each, as per the amendments proposed in the Life Insurance Corporation Act, 1956
With a view of listing the state-run insurance major Life Insurance Corporation of India (LIC), the government has proposed to raise the authorised capital