LIC granted public shareholder status in IDBI Bank

SEBI approved Life Insurance Corporation of India's reclassification as a "public shareholder" in IDBI Bank following strategic disinvestment approved in May 2021.

The reclassification limits LIC's voting rights to maximum 10% of IDBI Bank's total net effective voting rights. LIC cannot exercise control over the bank's affairs, hold special rights, or have board representation.

LIC must reduce its residual shareholding in IDBI Bank to 15% or below within two years of closing, as directed by the Reserve Bank of India.