IDBI Bank gains over 2% as LIC gets approval to pump money

The IRDAI approved the proposal allowing LIC to increase its stake in the embattled state-owned IDBI Bank. After the Insurance Regulatory and Development Authority of India (IRDAI) approved the proposal allowing LIC to increase its stake in the embattled state-owned IDBI Bank, the bank’s stock rose over 2%. Incidentally, IDBI was placed under the RBI’s prompt corrective action framework in May 2017 as its NPAs rose exponentially. As per media reports, LIC will acquire an additional 40% to reach the 51% shareholding from the GoI, which will probably lead to an infusion of over Rs10,000cr.

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