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CCEA clears ‘strategic divestment’ of IDBI Bank – Moneycontrol.com

The centre and LIC together own more than 94 percent of equity of IDBI Bank, with the centre owning 45.48 percent and LIC owning 49.24 percent. LIC is currently the promoter of IDBI Bank with management control and GoI is the co-promoter.

IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA), on May 5, granted approval for the long pending ‘strategic disinvestment’ of IDBI Bank Ltd, an  official statement said.

The extent of respective shareholding to be divested by government and LIC Ltd shall be decided at the time of structuring of transaction in consultation with the Reserve Bank of India, the statement added.

The centre and LIC together own more than 94 percent of equity of IDBI Bank, with the centre owning 45.48 percent and LIC owning 49.24 percent.  LIC is currently the promoter of IDBI Bank with management control and GoI is the co-promoter.

(This is a developing story. More to follow)

Arup Roychoudhury