Cabinet clears IDBI Bank strategic disinvestment
The Hindu
Nod paves way for transfer of control
The Union Cabinet on Wednesday gave in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank in line with the Budget announcement earlier this year. The central government and LIC together own more than 94% equity of IDBI Bank. LIC, currently the promoter of IDBI Bank with management control, has a 49.2% stake. The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the strategic sale of IDBI Bank, the government said in a statement on Wednesday.More Related News