The public sector lender IDBI Bank yesterday announced that it has received the final letter from Life Insurance Corporation (LIC) for an open offer to acquire an additional 26 per cent in the lender.
IDBI in a regulatory filing, stated: “This is to inform that IDBI Bank is in receipt of final letter of open offer from LIC vide letter dated December 18, 2018, for acquisition of 2,04,15,12,929 fully paid-up equity shares representing 26 per cent of the fully diluted voting equity share capital of IDBI Bank from the equity shareholders of IDBI Bank.”
The bank also added: “The acquirer (LIC) shall complete all procedures relating to the offer within 10 working days from the date of closure of the tendering period, including payment of consideration to those equity shareholders whose share certificates and/or other documents are found valid and in order and are accepted for acquisition by the acquirer.”
LIC in the letter said, “The acquirer is making the offer to acquire offer shares (2,04,15,12,929 equity shares constituting 26 per cent of the fully diluted voting share capital of the target company ie IDBI Bank) at the offer price (Rs 61.73) per offer share, which is equal to the price determined in accordance with offer consideration (Rs 1,26,02,25,93,107).”
