Life Insurance Corporation of India has agreed to shed its shareholding in IDBI Bank with an objective to boost to the government to completely exit from the IDBI Bank and also ease the process of its strategic disinvestment. However, it is for the part of LIC to decide on the quantum of stake it would like to part with to aid this process.
A senior official said that LIC is ready to sell shares. The government intends to complete the process in FY21-22. Keeping that in mind, amendments have been proposed in the Finance Bill 2021.
