IDBI Bank Ltd. today said the government will not participate in Life Insurance Corporation's open offer to acquire a 51 percent stake in the bank.
LIC's open offer to purchase 26 percent shares of IDBI Bank opened on Dec. 3 and will close on Dec. 14. In October, LIC announced an open offer for acquiring 26 percent of the equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,602 crore.
"IDBI Bank is in receipt of a letter dated Dec. 3, 2018, from Government of India confirming that Government of India will not participate in the open offer made by LIC," IDBI Bank said in a regulatory filing.
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