The Life Insurance Corporation has raised its stakes in the IDBI Bank to 14% from 7.21%. The bank has allotted 15.8 crore equity shares, equivalent to 7.16% stake, on preferential basis to LIC. The allotment of shares comes in line with IDBI Bank’s plan to offload government shareholding as part of privatisation move. Meanwhile, a section of IDBI Bank employees is protesting government’s move to privatise the bank by bringing its stake below 51%.