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IDBI Bank allots 82.75 crore equity shares to LIC

Capital Market 

LIC now holds 51% controlling stake in IDBI Bank

IDBI Bank has allotted 82,75,90,885 equity shares to Life Insurance Corporation of India at a price of 60.73 per share (inclusive of premium amount of 50.73 per share) aggregating to Rs. 5025.96 crore in the final tranche II of the Preferential Issue on 21 January 2019 thereby completing acquisition of 51% controlling stake by LIC in IDBI Bank.

Board has also approved reclassification of LIC as Promoters of IDBI Bank in terms of the Shareholder's resolution passed on 07 November 2018 to this effect.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 21 2019. 11:07 IST