Sebi Chairman Ajay Tyagi said the regulator has not received any proposal from Life Insurance Corporation (LIC) regarding the open offer for IDBI Bank.”Let there be some proposal or some reference, we have no such reference, ” said Tyagi on the sidelines of a conference on Corporate Bond Market organised by Assocham on Wednesday.
Tyagi’s remarks came amidst news reports that LIC is likely an open offer to minority shareholders of IDBI Bank in which it proposes to acquire up to 51 per cent stake. Last month, the Irdai had approved a proposal by LIC to raise its stake in IDBI Bank up to 51 per cent from the current 10.82 per cent.The deal is expected to save the government from having to infuse more funds into IDBI Bank, which had received as much as Rs 10,610 crore last fiscal, the most by any public sector bank.
Tyagi also said that Sebi has not received any proposal on merger for exchanges. ” We have no such proposal yet,” Tyagi said. “More players are required but if economics dictates there should be consolidation then so be it, but we don’t have any definitive proposal” Tyagi added. Last December Sebi had announced the integration of stocks and commodities trading on a single exchange from October 2018.