IDBI Bank has received a letter from insurance behemoth Life Insurance Corporation of India (LIC) for acquiring 51 per cent controlling stake in the bank as a majority promoter. The bank will now seek government approval for the deal. In a BSE filing, IDBI Bank said, "The bank has received a letter dated July 16, 2018 from Life Insurance Corporation of India expressing their interest in acquiring a 51 per cent controlling stake in IDBI Bank, as a promoter through preferential allotment of shares/open offer." The bank's board at its meeting held on Tuesday considered the letter and decided to seek approval from the Government of India in this regard. The board of state-run LIC on Monday approved the acquisition of up to 51 per cent stake in the government-owned lender, Economic Affairs Secretary SC Garg said. One major challenge for the insurance company while investing in the bank would be its humungous non-performing assets (NPAs).
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