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Shares of IDBI Bank rose more than 2 percent intraday Friday after LIC approved to buy up to 51 percent stake in the bank.
The meeting of the board of directors of IDBI Bank is scheduled on October 04 to consider and approve the preferential allotment of equity shares to LIC aggregating upto 51 percent of post issue paid up capital of the bank.
The bank has received letter from LIC conveying approval of their board of directors for subscribing to the equity capital of IDBI Bank, through preferential issue /open offer, upto 51 percent of post issue subscribed paid up capital, as an acquisition of controlling stake as promoter in IDBI Bank and consequential amendment in articles of association of the bank.
At 15:15 hrs IDBI Bank was quoting at Rs 51.15, up Rs 2.30, or 4.71 percent on the NSE.
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Posted by Rakesh Patil
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