LIC likely to get management control of debt-ridden IDBI Bank

The bank's Board in its meeting considered letter from LIC expressing interest in acquiring 51 per cent controlling stake

By virtue of taking 51 per cent controlling stake In IDBI Bank, Life Insurance Corporation of India (LIC), may get management control including say in top management appointments in ailing public sector lender.

Its directors took on board LIC’s proposal and decided to seek Government of India's decision in this regard. 

B Sriram, managing director and chief executive IDBI Bank said the intent is very clear today as they requested promoter status. There will be controlling stake of 51 per cent so obviously the intent is to take managerial control as well. 

While it is not clear what specific management