
IDBI Bank divestment on track: Govt
The central government and LIC together plan to sell 60.72% of shares in IDBI Bank.
The central government and LIC together plan to sell 60.72% of shares in IDBI Bank.
Of this, the insurance giant's exposure is highest at ₹5,389 crore to Adani Ports & Special Economic Zone, says Sitharaman
LIC’s Q3 premium income fell 15.38% on QoQ basis but rose 14.5% on YoY basis to ₹1,11,788 cr. Market share slips 2.83% to 65.38%.
The total purchase value of equity, purchased over the last many years, under all the Adani group companies is ₹30,127 crore, says LIC.
The market regulator has also directed the new buyer to comply with minimum public shareholding norms within one year of the sale.
The debutant that ranks at No.2 on Fortune 500 India list comes with a rich legacy, but post-listing it needs to prove its chops.
LIC stock trades 0.29% down a day after it announced its shareholding in Power Grid has diluted from 5.303% to 3.3%.
Government as well as LIC will sell a little over 30% stake each in the bank along with the transfer of management control.
LIC's current market cap stands at ₹3.9 lakh crore, a huge fall from ₹6 lakh crore on its listing day, eroding investors’ wealth by around ₹2.1 lakh crore.
LIC stock has fallen consistently, shedding about 30% of its value since listing. This has led to an erosion of around ₹1.74 lakh crore of value