Govt likely to sell a significant portion of its stake in IDBI Bank to LIC

The government is considering a proposal to sell a significant portion of its stake in IDBI Bank to Life Insurance Corporation of India (LIC) and has approached the Insurance Regulatory and Development Authority of India (IRDAI) for clearance, according to sources.
 
The insurance regulator may take up the matter during its June 29 board meeting. Further, to make this proposal effective, IRDAI is likely to give LIC an exemption from breaching the maximum company-specific investment limit.
 
Currently, insurance companies are not allowed to own more than 15 per cent in a single company. However, the regulator would ask