LIC-IDBI

Merger likely to make LIC MF the 22nd largest fund house by AUM

DIPAM invites EoIs; last date to submit bids is Dec 16

Jebaraj handles verticals for large and mid-sized corporates, trade finance and NPA management and he has been a member of internal committees for more than a decade, said IDBI Bank

LIC Mutual Fund expects to make gains from IDBI Mutual Fund merger and new fund launches which will help in increasing its assets under management to Rs 30,000 crore by March.

Bancassurance is an arrangement between a bank and an insurance company allowing the latter to sell its products to the bank's customers and others through the branch network

Following the merger, IDBI AMC, which currently has assets under management (AUM) of Rs 4,344 will cease to exist.

LIC said it had in the past made several attempts to have a bank of its own, but its endeavours had failed

As per the Sebi's takeover code, an acquisition of more than 25 per cent in a listed entity is termed as control and requires an open offer

The All India IDBI Officers Association has also sought withdrawal of the approval given by the Insurance Regulatory and Development Authority of India (IRDAI) to the transaction

The first round of stake sale will help the debt-ridden lender to meet an immediate capital requirement

The government will not get cash through the deal and capital will be infused by LIC into IDBI Bank through preferential allotment of equity

The deal will likely trigger an open offer, which LIC will make to IDBI Bank's shareholders

The due diligence process by LIC is complete as per the directions of Insurance Regulatory and Development Authority of India