With no relief from Sebi, LIC to make open offer to IDBI Bank shareholders

LIC's name will be tagged to the lender's name as a part of rebranding

Insurance behemoth Life Insurance Corporation (LIC) of India will not be given any relaxation from the Securities and Exchange Board of India’s (Sebi’s) takeover code and will have to make an open offer to the stakeholders of state-owned IDBI Bank.

This will be in line with the norms set by Sebi, under which an acquisition of more than 25 per cent in a listed entity is termed as control and requires an open offer. IDBI Bank’s stocks went up 9.05 per cent to close on the BSE at Rs 53.20 on Tuesday.

“LIC will make an open offer that will