LIC board approves buying of IDBI bank, now LIC in banking sector
Monday - July 16, 2018 4:39 pm ,
Category : WTN SPECIAL
IDBI Bank in losses of thousands of crores
JULY 16 (WTN) - IDBI Bank will now be of LIC. Yes, the LIC Board has approved to buy IDBI Bank. According to the information, LIC will now buy 43% stake of the IDBI Bank, for which the IRDA had also exempted LIC from the terms of purchasing of only 15% stake.
According to information received from the media, LIC will now have 51 percent stake in IDBI Bank. According to the current rules of the IRDA, any insurance company can’t buy more than 15 percent of any company's shares, but the IRDA has exempted LIC from these rules.
Stocks swiftly seen in the market since the news of the purchasing of IDBI Bank by LIC came into the market. IDBI Bank's stock plunged nearly one percent. For your information, let you know that by the end of June, the government had 85.96% stake in IDBI, while LIC had 7.98% stake. After the approval of the LIC board, LIC will need to get cabinet approval to buy IDBI Bank.
According to information from the media, LIC will not bring open offers. For this, LIC will adopt a preferential route. Along with this, LIC will now also enter into the banking business. LIC will be able to sell its product in its IDBI bank through its 2,000 branches located across the country. At the same time, IDBI Bank will also get the support of LIC's 22 crore policyholders.
NPA of IDBI bank was Rs.55,600 crore in the March quarter. According to the information, the bank had a loss of Rs 5,663 crore from the January-March quarter. For your information, let you know that the government will not get the money of the deal of LIC and IDBI Bank, but these rupees will be used to improve the condition of IDBI Bank.
JULY 16 (WTN) - IDBI Bank will now be of LIC. Yes, the LIC Board has approved to buy IDBI Bank. According to the information, LIC will now buy 43% stake of the IDBI Bank, for which the IRDA had also exempted LIC from the terms of purchasing of only 15% stake.
According to information received from the media, LIC will now have 51 percent stake in IDBI Bank. According to the current rules of the IRDA, any insurance company can’t buy more than 15 percent of any company's shares, but the IRDA has exempted LIC from these rules.
Stocks swiftly seen in the market since the news of the purchasing of IDBI Bank by LIC came into the market. IDBI Bank's stock plunged nearly one percent. For your information, let you know that by the end of June, the government had 85.96% stake in IDBI, while LIC had 7.98% stake. After the approval of the LIC board, LIC will need to get cabinet approval to buy IDBI Bank.
According to information from the media, LIC will not bring open offers. For this, LIC will adopt a preferential route. Along with this, LIC will now also enter into the banking business. LIC will be able to sell its product in its IDBI bank through its 2,000 branches located across the country. At the same time, IDBI Bank will also get the support of LIC's 22 crore policyholders.
NPA of IDBI bank was Rs.55,600 crore in the March quarter. According to the information, the bank had a loss of Rs 5,663 crore from the January-March quarter. For your information, let you know that the government will not get the money of the deal of LIC and IDBI Bank, but these rupees will be used to improve the condition of IDBI Bank.
