LIC to Infuse Rs. 407 Cr in IDBI

Life Insurance Corporation of India (LIC) will infuse Rs. 406.9 crore in IDBI Bank increasing its stake 14.25% in the state-owned lender.

In a regulatory filing, IDBI Bank said it received a letter today from the LIC “for infusion of capital to the tune of Rs. 406.90 crore on preferential allotment basis“.

The capital infusion from the state-owned insurance behemoth is within the capital amount (upto Rs. 600 crore) proposed to be issued to financial institutions including insurance companies, mutual funds, and banks, it added.

Currently, the LIC has 13.76% stake in the bank.