LIC may make open offer soon to buy outstanding shares of IDBI Bank

LIC had on Monday agreed to raise its stake in IDBI to 51% from 8% by paying about Rs 130 billion

Life Insurance Corporation of India may make an open offer as early as Tuesday to buy the outstanding shares of IDBI Bank Ltd from minority shareholders, said people familiar with the matter.

IDBI’s board will approve a preferential sale of shares to LIC at a meeting on Tuesday and probably inform the stock exchange of the decision and the open offer, the people said, asking not to be identified as the information is private. LIC had on Monday agreed to raise its stake in IDBI to 51 per cent from 8 per cent by paying about Rs 130 billion ($1.9 billion).

While