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News Digest: ICICI Bank chairman, Kharif crop, stock markets, and more

From LIC buying stake in IDBI bank to ICICI naming ex-bureaucrat as its new chairman, BS brings you up to date with the latest news

News Digest: ICICI Bank chairman, Kharif crop, stock markets, and more
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BS Web Team New Delhi
Irdai allows LIC to buy up to 51% stake in debt-ridden IDBI Bank
 
The Insurance Regulatory and Development Authority of India (Irdai) board on Friday approved Life Insurance Corporation’s investment in IDBI Bank, allowing LIC to own up to 51 per cent in the beleaguered lender. LIC will now be able to pump Rs 100-130 billion into IDBI Bank in tranches through a preferential allotment of new equity shares at a price determined by a formula under the Securities and Exchange Board of India’s (Sebi’s) rules. Read more

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First Published: Jun 30 2018 | 3:00 AM IST

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