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LIC will be asked to speed up IDBI Bank acquisition process
Posted on 23rd August 2018
New Delhi: The finance ministry will ask LIC to hasten the process of stake acquisition in IDBI Bank, especially the valuation modalities, so that the government can ascertain if a capital infusion is needed in the ailing bank.

The government has no plans to infuse more funds into the bank and thinks LIC’s acquisition of 51 per cent stake in the lender would take care of its regulatory capital requirements.

LIC may have to pay premium for IDBI non-core assets
Posted on 6th August 2018
NEW DELHI: State-run Life Insurance Corporation may need to pay a premium for IDBI Bank’s real estate and non-core assets, two officials aware of the matter said.

IDBI Bank has started valuing its assets before making a preferential issue of shares to LIC, which is set to acquire a majority stake in the lender. The valuation exercise is expected to be completed by August 15, one of the officials said, adding that the sum-of-the-parts value would be more than what the stock price currently suggests.

LIC's acquisition of 51% in IDBI Bank a 'win-win' situation for both: Goyal
Posted on 2nd August 2018
Life Insurance Company (LIC)’s acquisition of 51 per cent stake in IDBI Bank will be a “win-win” situation for both the government-owned entities, Finance Minister Piyush Goyal said on Wednesday.

This comes after the Union Cabinet gave nod to bring down its majority stake in the bank. “The move will make IDBI Bank strong, improve its capital adequacy and bring it out of prompt corrective action (PCA).

LIC views IDBI acquisition as a sound business deal, says Piyush Goyal
Posted on 1st August 2018
The Life Insurance Company (LIC) considers its decision to own 51 per cent in state-owned IDBI Bank a sound business move and a good investment opportunity, Finance Minister Piyush Goyal said on Tuesday.

“With the approval of LIC’s board, which was of the view that the proposed acquisition is a sound business proposition and is both commercially viable and a good investment opportunity

LIC trims stake in IDBI Bank and Allahabad Bank in first quarter
Posted on 27th July 2018
In the first quarter of the current financial year, Life Insurance Corporation of India (LIC), the largest investor in state-owned lenders, has pared its exposure in IDBI bank and Allahabad Bank.

LIC has reduced its stake in IDBI Bank from 10.82% in Q4FY18 to 7.98% in Q1FY19. In addition, it has trimmed its stake in Allahabad Bank from 12.37% to 9.89% in the said period.

Delhi HC rejects ICICI Bank plea claiming Rs 250-crore dues from Malvinder, others
Posted on 25th July 2018
Seeking intervention in the case filed by Japanese pharma major Daiichi Sankyo for execution of the HC’s January 31 order that upheld the enforceability of the Rs 3,500-crore arbitral award passed against the Singh brothers and others, the bank told Justice Jayant Nath that it has equal rights over the assets of Singh and its dues shall be recovered from sale of the listed shares.

RBI gives in-principle nod to LIC for acquiring majority stake in IDBI Bank
Posted on 20th July 2018
The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said.

The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said.

LIC nominee not independent: TRP
Posted on 18th July 2018
The simmering battle at the country’s sixth largest mutual fund, UTI, has erupted into a full-scale war, and the mutual fund’s proposed initial public offering (IPO) could be the first casualty with its managing director Leo Puri’s tenure also coming to an end next month, and no successor nominated.

LIC board gives approval to acquire 51% stake in debt-ridden IDBI Bank
Posted on 17th July 2018
Life Insurance Corporation of India (LIC) came a step closer in acquiring a majority stake in the government-owned IDBI Bank as its board gave an approval to the deal on Monday.

LIC’s shareholding in IDBI Bank will stand at 51 per cent after it takes a series of approvals from the Reserve Bank of India, the Securities and Exchange Board of India (Sebi), the government and the bank’s board, Department of Economic Affairs Secretary Subhash Chandra Garg said.

IDBI Bank stake sale: LIC board to meet today to finalise stake buy in debt struck public sector bank
Posted on 16th July 2018
LIC-IDBI Bank deal: The LIC board will meet on Monday to take a decision on acquisition of of the government’s 51 percent stake in IDBI Bank. The proposal has already been cleared by the insurance regulator IRDAI two weeks back as the insurance companies are not permitted to own more than 15 percent stake in the company under the current norms.

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