Seeking intervention in the case filed by Japanese pharma major Daiichi Sankyo for execution of the HC’s January 31 order that upheld the enforceability of the Rs 3,500-crore arbitral award passed against the Singh brothers and others, the bank told Justice Jayant Nath that it has equal rights over the assets of Singh and its dues shall be recovered from sale of the listed shares.

The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said.

The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said.

The simmering battle at the country’s sixth largest mutual fund, UTI, has erupted into a full-scale war, and the mutual fund’s proposed initial public offering (IPO) could be the first casualty with its managing director Leo Puri’s tenure also coming to an end next month, and no successor nominated.

Life Insurance Corporation of India (LIC) came a step closer in acquiring a majority stake in the government-owned IDBI Bank as its board gave an approval to the deal on Monday.

LIC’s shareholding in IDBI Bank will stand at 51 per cent after it takes a series of approvals from the Reserve Bank of India, the Securities and Exchange Board of India (Sebi), the government and the bank’s board, Department of Economic Affairs Secretary Subhash Chandra Garg said.

LIC-IDBI Bank deal: The LIC board will meet on Monday to take a decision on acquisition of of the government’s 51 percent stake in IDBI Bank. The proposal has already been cleared by the insurance regulator IRDAI two weeks back as the insurance companies are not permitted to own more than 15 percent stake in the company under the current norms.

LICHF has underperformed NIFTY by 48% and peer HFCs by 10-80% in last 12 months, due mainly to pressure on incremental spreads. Historically, LICHF has been more sensitive than peer HFCs to incremental mortgage spreads, leading to the larger de-rating.

For the more than 25 crore policyholders of Life Insurance Corporation of India (LIC), the LIC-IDBI Bank headlines are very upsetting. LIC will use up to 13,000 crore of policyholder money to buy up to a 51% stake in IDBI Bank, an asset nobody wants to touch. With stressed assets of 55,588.26 crore and bad loans a huge 28% of the total loan book, IDBI Bank is probably the worst of the bad banks of India.

MUMBAI: The Insurance Regulatory and Development Authority of India (IRDAI) has agreed to the Life Insurance Corporation (LIC) of India’s proposal to hike its stake to 51 per cent in IDBI Bank from 10.8 per cent at present. The permission is subject to the corporation bringing down its holding to 15 per cent in future.

Amid reports that insurance behemoth LIC is likely to pick up a majority stake in the state-run IDBI Bank, the board of insurance regulator IRDAI will meet on Friday. The meeting may see discussion on issues such as hike in investment limit for a particular insurance firm beyond 15 percent in the interest of policyholders, PTI reported. An insurance firm can’t hold over 15 percent stake in the listed financial companies currently, according to existent norms.

Life Insurance Corporation (LIC), the largest investor in state-owned lenders, continues to trim its exposure in most of them. On a quarter on quarter basis, the insurer has pared its investments in all state-run lenders, except Punjab & Sind Bank and Indian Bank.

While its holding in Indian Bank remained unchanged at 1.32% from the beginning of October 2017 to March 2018, LIC made a fresh investment in Punjab & Sind Bank, taking a 7.44% stake in the lender, data sourced from Capitaline revealed.

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