New Delhi: The government has intensified preparations to sell its stake in IDBI Bank. According to media reports, the government may invite bids to sell stake in IDBI Bank in April. The stake of the government and Life Insurance Corporation (LIC) in this bank is around 95 percent. The government has to sell this stake within the next nine months.
Regarding selling the stake, it has been told that the rule of 26 per cent of the promoter's stake in private banks is not a hindrance in the sale. The government and Life Insurance Corporation (LIC) are about to sell their entire stake in this bank. At present, LIC's stake in this bank is 49.24 percent and the government's stake is 45.48 percent. Right now LIC is its promoter. Let us tell you that LIC, the promoter of IDBI Bank, is preparing to bring its IPO.
In the IPO document submitted to SEBI, Life Insurance said that it can no longer do more capital infusion in this associate bank. Doing so will have a bad effect on his financial health. Life Insurance Corporation did a capital infusion of 4743 crores in IDBI Bank on 23 October 2019. This money belonged to the policyholders.
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