IDBI Bank on Monday said LIC Nominee Director Raj Kumar has ceased to hold the board seat with effect from May 18. "Raj Kumar has ceased to be LIC Nominee Director on the Board of IDBI Bank Limited with effect from May 18, 2025, on completion of his term," IDBI Bank said in a regulatory filing.
The government and Life Insurance Corp. are promoters of IDBI Bank, holding 94.71%. While LIC holds little over 49%, the government's holding is 45.48%.
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Shares of IDBI Bank were trading at Rs 90.30 apiece, up 4.99% over previous close on the BSE.
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