2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank of Baroda
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Canara Bank
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Punjab National Bank
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Bank of India
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Detailed explanation-1: -Life Insurance Corporation of India (LIC) has bought 3.9 per cent (15, 90, 07, 791 shares) of the Bank of India through open market acquisition.
Detailed explanation-2: -The government and Life Insurance Corp (LIC) together hold 94.72 per cent in IDBI Bank. Of this, LIC’s holding is 49.24 per cent, while the government holds the rest 45.48 per cent stake.
Detailed explanation-3: -While LIC India will continue to stay invested in IDBI Bank, it will do so at a reduced stake. The life insurance industry is facing headwinds due to rising interest rates and an increase in discretionary spending, but risk perception has improved since the moderation of COVID-19.
Detailed explanation-4: -LIC had bought a 51 per cent stake in IDBI Bank in 2019 for Rs 21, 624 crore at an average price of Rs 61 per share. Following a QIP issue in December 2020, the stake of LIC came down to 49 per cent.
Detailed explanation-5: -The government and LIC hold 94.72 per cent stake together in IDBI Bank.