Lic-idbi

LIC keen to keep part of its stake in IDBI Bank for bancassurance gains

State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank but may not exit completely, LIC Chairman Siddhartha Mohanty told PTI in an interview. "We have made it clear that IDBI Bank is our number one partner in bancassurance. We will retain the some stake in IDBI Bank so that the bancassurance partnership continues," he said. The government, which owns over 45 per cent stake in IDBI Bank, and life insurance behemoth LIC, with a 49.24 per cent shareholding in the lender, have jointly decided to sell a 60.7 per cent stake. IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, after the acquisition of an additional 82,75,90,885 equity shares. On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent, follo

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Bancassurance is an arrangement between a bank and an insurance company allowing the latter to sell its products to the bank's customers and others through the branch network

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As per the Sebi's takeover code, an acquisition of more than 25 per cent in a listed entity is termed as control and requires an open offer

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The All India IDBI Officers Association has also sought withdrawal of the approval given by the Insurance Regulatory and Development Authority of India (IRDAI) to the transaction

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The first round of stake sale will help the debt-ridden lender to meet an immediate capital requirement

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The government will not get cash through the deal and capital will be infused by LIC into IDBI Bank through preferential allotment of equity

LIC views IDBI acquisition as a sound business deal, says Piyush Goyal

The deal will likely trigger an open offer, which LIC will make to IDBI Bank's shareholders

LIC board to meet on Monday to finalise acquisition of stake in IDBI Bank

The due diligence process by LIC is complete as per the directions of Insurance Regulatory and Development Authority of India