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Cabinet allows HCL to issue 15% fresh equity, clears LIC-IDBI deal & 46 changes to GST laws

The Union cabinet on Wednesday approved a fresh equity issue of 15% by Hindustan Copper Ltd (HCL), which will help the state-run company raise Rs 900.6 crore, cleared the purchase of 51% controlling stake in IDBI Bank by state-run insurer LIC and 46 amendments to GST laws. HCL will issue 13.87 crore fresh equity shares, to the extent of 15%, which will bring down the government stake in the PSU to 66.13% from the present 76.05%, an official statement said. In case of LIC-IDBI deal, the debt-laden bank will issue preferential shares to Life Insurance Corporation (LIC) to raise capital. LIC already has 7-7.5% stake in the bank and will acquire the remaining for majority holding. IDBI is expected to receive capital infusion between Rs 10,000 crore and Rs 13,000 cr¬ore, depending on the share price of the bank.

Read More at Financial Chronicle News date : 1 Aug 2018, Wednesday

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