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Sebi Clears Reclassification of LIC Ahead of IDBI Bank Privatization
Mint Bangalore
|August 25, 2025
India's markets regulator has approved Life Insurance Corp. of India's (LIC) request to be reclassified as a public shareholder in IDBI Bank Ltd, LIC said in a stock exchange filing on Sunday, paving the way for a strategic sale in the lender.
India has completed due diligence for the stake sale of IDBI Bank and plans to invite financial bids between October and December, the country's divestment secretary said earlier this month.
The government, which owns 45.48% in IDBI Bank, and state-owned LIC, which holds 49.24%, together plan to sell 60.7% of the lender. The sale process was first announced in 2022.
This story is from the August 25, 2025 edition of Mint Bangalore.
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