Irdai will set timeline for LIC to scale-down stake to 15% in IDBI Bank

In August, the cabinet approved LIC's proposed acquisition of up to 51 per cent stake in the IDBI Bank

Insurance regulator Irdai will set a timeline for the Life Insurance Corporation of India (LIC) on how it must go about reducing its stakeholding from 51 per cent to 15 per cent eventually in IDBI Bank, said Subhash Khuntia, Chairman of the Insurance Regulatory and Development Authority of India (Irdai). He did not specify when the regulator will announce the timeline. 

Once the proposed acquisition of the bank is completed in the coming months, the insurance regulator will provide a timeline for LIC to scale-down its holding in the bank back to 15 per cent.

LIC currently has a 7.98