May 6, 2021 3:19:32 am
The Cabinet Committee on Economic Affairs Wednesday approved the strategic divestment of IDBI Bank Ltd, along with a transfer of management control, in line with the announcement made in the Union Budget in February. The government owns 45.48 per cent in IDBI Bank, while LIC holds 49.24 per cent. LIC is currently the promoter of IDBI Bank while the government is co-promoter.
“The extent of respective shareholding to be divested by Government of India and Life Insurance Corporation shall be decided at the time of structuring of transaction in consultation with RBI,” the government said.
The government said funds raised through stake sale will be used to finance development activities.
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