IDBI Bank has sought the shareholders’ approval to allot equity shares worth Rs1500 crore to Life Insurance Corporation of India (LIC) on a preferential allotment basis. It has called an extraordinary general meeting of shareholders on 22 March for this purpose. It wants to allot 280 million shares to LIC at Rs 53.44 per share LIC already holds about 7.5% stake in the bank. The bank is also proposing to raise funds through a qualified institutional placement (QIP) offer for which it has already received approval from the Securities and Exchange Board of India.
