Cabinet approves strategic divestment, management control transfer in IDBI Bank

Cabinet approves strategic divestment, management control transfer in IDBI Bank
The extent of respective shareholding to be divested by the Government of India and LIC shall be decided at the time of structuring of transaction in consultation with RBI.
BusinessToday.In | May 5, 2021 | Updated 18:32 IST
LIC is a promoter with management control in IDBI Bank with a stake of 49.24 per cent.
The Cabinet Committee on Economic Affairs on Wednesday gave its in-principle approval for strategic divestment and transfer of management control in IDBI Bank Ltd.
The Government of India (GoI) and Life Insurance Corporation (LIC) together own over 94 per cent stake in IDBI Bank. While LIC is a promoter with management control in the bank with a stake of 49.24 per cent, GoI is the co-promoter with 45.48 per cent stake.

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