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The Competition Commission authorized LIC's proposed repurchase of up to 51% interest in IDBI Bank, which is debt-laden.
In a tweet of November 27, the fair trade regulator announced that it had approved "the acquisition of 51% of the capital of IDBI Bank Ltd by Life Insurance Corporation of India".
Mergers and acquisitions above certain thresholds require the approval of the Indian Competition Commission (ICC), which monitors unfair trade practices in all sectors.
In August, the government gave the go-ahead to the proposed purchase of 51% of the capital of the bank. With this agreement, the insurer would have access to about 2,000 branches of the bank through which it could sell his products.
Last month, the LIC announced an open offer to purchase 26% of the workforce. ke shareholders of the bank.
The public offering, in which the shares must be acquired at the price of Rs 61.73 pieces, would begin from December 3rd.
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