LIC to pick up 5 per cent stake in IDBI Bank

State-owned IDBI Bank on Friday said it proposes to sell 5 per cent stake to Life Insurance Corporation (LIC) on preferential basis.

LIC has in-principle given approval for subscribing maximum up to 5 per cent of the pre-issue paid up equity capital of the bank, IDBI Bank said in filing on the BSE.

Shares of the bank on Friday closed at Rs 109.30 apiece, down 0.41 per cent on the BSE.