As part of the deal, Life Insurance Corporation of India (LIC) will hold 51 percent stake in government owned IDBI Bank.”We are not giving a blanket exception to LIC to hold more than 15 percent in companies. The approval is being given for only this transaction,” saidIRDAI Chairman Subhash C Khuntia.Facebook expands fact checking programme in India, partners AFP to spot fake newsInvestors show lukewarm response to QIP; fund raising down 81% in Apr SepFurther, he said IRDAI will give a timeline to LIC for reducing stake in IDBI Bank to 15 percent once their deal with the bank is complete.While Khuntia did not give an indicative timeline to be given to LIC on the stake reduction to 15 percent, it is likely the life insurer will get six to seven years to bring it down. He was speaking to reporters on the sidelines of an Assocham event.LIC’s board met on September 4 to study the contours of the deal.
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