IDBI Bank said on Friday that it has allotted shares worth Rs. 14,500 crore to Life Insurance Corporation. The move was part of the ongoing acquisition of a controlling stake in the bank by the insurance company. About 238.8 crore shares at a price of Rs. 60.73 apiece were allotted to LIC through a preferential issue on Friday, according to a regulatory filing by IDBI Bank. IDBI Bank shareholders had in October approved the decision by the board of the lender to transfer the shares as part of the acquisition by Life Insurance Corporation. LIC is in the process of increasing its stake in IDBI Bank to 51 per cent, which would help it enter the banking space. At the end of the September quarter, Life Insurance Corporation held a 7.98 per cent stake in IDBI Bank. Shares in IDBI Bank moved 0.6 per cent higher at Rs. 61.50 apiece on the National Stock Exchange on Friday, ahead of the announcement of preferential share allotment by the bank.
"Prevent unauthorised transactions in your account ; Update your mobile numbers/email IDs with Us. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day” - Issued in the interest of Investors"
"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
"No need to issue cheques by investors while subscribing to Equity IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."