LIC makes open offer to buy 26% stake in IDBI Bank

New Delhi: State-owned IDBI Bank Tuesday said it has received final letter from Life Insurance Corporation (LIC) for an open offer to acquire additional 26 per cent in the lender.

"This is to inform that IDBI Bank is in receipt of final letter of open offer from LIC vide letter dated December 18, 2018 for acquisition of 2,04,15,12,929 fully paid-up equity shares representing 26 per cent of the fully diluted voting equity share capital of IDBI Bank from the equity shareholders of IDBI Bank," the lender said in a regulatory filing.

The open offer has been made at a price of Rs 61.73 a share, which is in connection with LIC's acquisition of 51 per cent controlling stake in IDBI Bank.

"The acquirer (LIC) shall complete all procedures relating to the offer within 10 working days from the date of closure of the tendering period, including payment of consideration to those equity shareholders whose share certificates and/or other documents are found valid and in order and are accepted for acquisition by the acquirer," LIC said in the open offer.