The Life Insurance Corporation, LIC, board today gave approval to the acquisition of up to 51 per cent stake in debt-ridden IDBI Bank.
This was informed by Economic Affairs Secretary S C Garg.
Now, the state-owned LIC will approach market regulator Sebi on the matter.
Insurance regulator IRDAI has already given its approval to the LIC for the stake purchase. The LIC stake buy will help the IDBI get a capital support of 10,000 to 13,000 crore rupees.