Tag: LIC

LIC buys over 2% stake in Bharat Petroleum for nearly Rs 1,598 crore

NEW DELHI: LIC has acquired over a 2 per cent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL) for nearly Rs 1,598 crore since December last year. The state-owned life insurance behemoth in a regulatory filing on Tuesday said its shareholding in BPCL has increased from 15,25,08,269 to 19,61,15,164 equity shares, increasing its shareholding […]

DPIIT to come out with revised FDI policy to facilitate LIC disinvestment

NEW DELHI: India’s commerce and industry ministry is making changes in the foreign direct investment (FDI) policy to facilitate disinvestment of the country’s largest insurer LIC, after taking views from the finance ministry, a top government official said on Thursday. Anurag Jain, secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), said […]

LIC offers Rs 1.25 lakh crore line of credit by 2024 to fund highway projects: Nitin Gadkari

By Namita Tewari NEW DELHI: As part of innovative modes of financing to meet India’s huge infrastructure appetite, insurance giant LIC has agreed to offer Rs 1.25 lakh crore line of credit by 2024, to fund highway projects, Union Minister Nitin Gadkari said. Keen on timely execution of the Rs 8.41 lakh crore ambitious Bharatmala […]

LIC completes the acquisition of 51% controlling stake in IDBI Bank

NEW DELHI: IDBI Bank on Monday said insurance behemoth LIC has completed acquisition of 51 per cent controlling stake in the bank, making it the lender’s majority shareholder. “The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, […]

LIC’s open offer for 26% stake in IDBI Bank to begin from 3 December

NEW DELHI: LIC’s open offer to purchase shares from the minority shareholders of IDBI Bank will kick-start from 3 December, IDBI Bank said on Thursday. The open offer, at Rs 61.73 per equity share, will close on 14 December. LIC has offered to acquire 2,04,15,12,929 equity shares, representing 26% of the fully paid-up equity capital […]

LIC, SBI, and Orix to subscribe to Rs 4500 crore IL&FS rights issue

NEW DELHI: In a major breather to debt-laden Infrastructure Leasing & Finance Services (IL&FS), its largest shareholders Life Insurance Corp (LIC) and Orix Corp, and State Bank of India (SBI), on Saturday announced they would subscribe to the proposed Rs 4,500 crore rights issue of the company. The announcement came during the company’s annual general […]

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