Gold Silver Reports (GSR) – IDBI Bank Share Price Gains After IRDAI Approves LIC’s Investment Plan – Shares of the Mumbai—based private sector lender rose as much as 5.65 percent to ₹ 58 after Insurance Regulatory Development Authority of India (IRDAI) approved Life Insurance Corporation’s investment plan.
Life Insurance Corporation of India will increase its stake in IDBI Bank up to 51 percent–at a time when a third of its loans are stressed.
LIC will invest between ₹ 10,000 crore and ₹ 13,000 crore in the troubled state-owned lender in several tranches as part of the capital infusion plan.