LIC yet to seek open offer exemption for IDBI takeover, says Sebi
Updated : September 18, 2018 11:27 PM IST
On July 16, the board of the national insurer had accepted the forced takeover of the bank, which has been under the prompt corrective action plan of the Reserve Bank after its bad loans touched 28 percent.
On August 1, the Cabinet Committee of Economic Affairs also cleared the proposal under which the city-headquartered bank will become a subsidiary of LIC.
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