Swipe through the latest business and wealth clues with our android app

Competition Commission approves LIC's majority stake buy in IDBI Bank

The Competition Commission of India has cleared LIC's proposed acquisition of up to 51% stake in debt-laden IDBI Bank. Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors. With the deal, the LIC would have access to around 2,000 branches of the bank through which it can sell its products. Last month, the LIC announced an open offer to buy 26% stake from remaining shareholders at a price of Rs 61.73.

Read More at CNBC TV18 News date : 8 Apr 2019, Monday

©2019 TheNewsClues