As part of strategic disinvestment, govt, LIC to sell stakes in IDBI Bank

Quantum of stake sale to be decided while structuring the transaction

The Cabinet Committee on Economic Affairs (CCEA) has approved strategic disinvestment along with transferring management control in IDBI Bank, paving the way for both the government and Life Insurance Corporation (LIC) to reduce their shareholding in the lender.
 
LIC’s board has passed a resolution to reduce its shareholding, along with that of the government, in the bank “with an intent to relinquish management control and by taking into consideration price, market outlook, statutory stipulation and interest of policyholders”, said a statement by the government.
 
The government holds 45.48 per cent in IDBI Bank while LIC holds 49.24 per