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The IDBI Bank is planning to offer around 28 crore shares at Rs 53.44 apiece to LIC on preferential basis for raising Rs 1,500 crore.
IDBI has said in a regulatory filing that the bank’s extra ordinary general meeting in this regard will be held on March 22.
It said that the board has provided its approval to the proposal for preferential issue of capital to Life Insurance Corporation of India, aggregating up to Rs 1,500 crore (inclusive of premium amount) subject to Government of India’s approval.
