Gold Silver Reports (GSR) – LIC Stake Not To Exceed 14.9% Post Issue, Says IDBI Bank – Shares of the state-run lender fell as much as 5.4 percent to Rs 58 after the bank said that Life Insurance Corporation’s stake will not exceed 14.9 percent up on share issue.
The government currently holds 86 percent in the bank while public holding stands at 14 percent, which including 7.8 percent held by LIC.
At the current market price LIC is likely to infuse close to Rs 2,000 crore, according to BloombergQuint’s calculations. The government’s stake will be reduced to 79.5 percent.
