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No timeline for LIC to cut IDBI Bank stake: Irda

DNMUM418007 | 7/12/2018 | Author : Anurag Shah | WC :613


Nilesh Sathe, member (life), Insurance Regulatory Development Authority of India (Irda), in an interview with Anurag Shah of Zee Business said that Life Insurance Corporation’s (LIC) plan to increase stake in IDBI Bank should be treated as investment instead of an acquisition plan by the insurer. He said no timeline has been given to reduce LIC’s share in IDBI Bank but its Board will be responsible for it.
Irda has allowed LIC to buy majority stake in IDBI Bank. Should we consider the permission as the acquisition of the bank or an investment?
This is a type of investment. It must not be considered as a form of acquisition of IDBI. Investment rules say that you need permission from Irda to invest more than 15% stake
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