Govt not to participate in LIC's open offer to buy 51% stake in IDBI Bank

IDBI Bank on Tuesday said the government will not participate in LIC's open offer to acquire 51 per cent stake in the bank. 

LIC's open offer to purchase 26 per cent shares of IDBI Bank opened on December 3 and will close on December 14.

In October, LIC announced an open offer for acquiring 26 per cent of equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 126.02 billion.  

"IDBI Bank is in receipt of letter dated December 03, 2018, from Government of India confirming that Government of India will not participate in the open offer made by LIC," IDBI Bank said in a regulatory filing.  



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel