LIC become a bank after purchasing IDBI Bank- see the full story
LIC become a bank after purchasing IDBI bank’s 82,75,90,885 shares
An important meeting will be held soon in LIC for sharing of works
Finally, LIC (Life Insurance Corporation of India) purchased 82,75,90,885 shares of IDBI bank. Now LIC’s stake in IDBI Bank will be 51%. Thus, this bank will be owned by LIC. LIC has bought this share at a price of 60.73 per share. IDBI bank has already recognized LIC as the promoter of the bank. IDBI bank has around 1.5 crores retail customers and 18,000 employees.
Last year, The bank suffered a loss in July- September quarter. It happens 8th time, the bank delivers losses in every quarter and disappointed investor. Because of this, there is a steady decline in the level of the bank’s capital. The financial results for the third quarter of the current financial year have not been announced by the IDBI Bank.
IDBI bank detail
Full form of IDBI bank is Industrial Development Bank of India). It was established in 1964. It was established for providing credit and other financial facilities for the development of the emerging Indian Industry.