SEBI Clears LIC’s Reclassification As Public Shareholder In IDBI Bank

The insurer will also not take part in the bank’s management, will not have any special rights, and will not be represented on the board of directors. LIC, which still holds a significant stake in the bank, will outline its plan for reclassification in the letter of offer that will be shared with shareholders during the open offer process by the new buyer.

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