LIC became a bank, 82,75,90,885 shares of a bank for the purchase

LIC became a bank, 82,75,90,885 shares of a bank for the purchase

An important meeting will be held in LIC soon for sharing of works

new Delhi. After all, LIC became a bank. LIC has bought 82,75,90,885 shares of IDBI Bank. Now LIC's stake in IDBI Bank will be 51 percent. With this, the bank will be owned by the LIC. LIC has made a purchase of 60.73 per share. IDBI Bank has already recognized LIC as the promoter of the bank. This approval was given in the bank's board meeting on November 7 last year. In the next year, all the arrangements will be decided between LIC and IDBI.

The transaction creates a ‘unique financial conglomerate in India’. IDBI Bank Statement 

IDBI

IDBI Bank has been running the deficit for the last several years and the government was trying to sell its stake in this bank to recover it. A statement issued by IDBI said that LIC has completed the purchase of 51 percent stake. It has been stated in the statement that the term of Rakesh Sharma has been expanded as Bank CEO on behalf of the bank board. KP Nayyar will continue to work for the bank. According to sources, the biggest challenge to LIC will be to ensure adequate capital is available for the bank.