In January 2019, LIC has completed the process of picking up a controlling.....stake in the nearly crippled IDBI Bank.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In January 2019, LIC has completed the process of picking up a controlling____stake in the nearly crippled IDBI Bank.

A	51%
B	49%
C	75%
D	25%

Explanation:

Detailed explanation-1: -The insurance behemoth, Life Insurance Corporation (LIC) has completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more than 60 years old state-owned insurer into the banking space.

Detailed explanation-2: -The government and LIC together hold 94.72 per cent stake in IDBI Bank, which will come down to 34 per cent after the strategic sale.

Detailed explanation-3: -The government and LIC hold 94.72 per cent stake together in IDBI Bank.

Detailed explanation-4: -The government, with a more than 45% stake in IDBI Bank, is currently classified as a co-promoter of the lender. The government is looking to sell its 30.48% stake in IDBI Bank, while state-backed LIC will offload its 30.24% share in the lender.

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