Centre, LIC to retain up to 15% stake in IDBI Bank after Fairfax deal: DIPAM secretary
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The government and LIC will retain up to 15% stake in IDBI Bank after selling shares to Fairfax Financial Holdings.
- ✓DIPAM Secretary Arunish Chawla said, "Both the Government of India and LIC want to become public shareholders." The strategic buyer will manage the bank and infuse capital after the deal completes.
Story at a Glance
- Category
- MARKET
- Reported By
- The Telegraph
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The Department of Investment and Public Asset Management (DIPAM) Secretary further said that after the strategic restructuring, the responsibility of managing the bank and capitalising it from time to time would lie with the strategic buyer
The government and Life Insurance Corporation of India (LIC) intend to retain stakes of up to 15 per cent in IDBI Bank after the proposed strategic sale to Canada's Fairfax Financial Holdings Ltd, without board representation, DIPAM Secretary Arunish Chawla has said.
The strategic buyer will be responsible for running the bank and infusing capital whenever required following the proposed restructuring, Chawla told PTI.
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