Life Insurance Corporation of India has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Life Insurance Corporation of India (LIC), the largest shareholder of IDBI Bank, has filed a disclosure with the exchange under Regulation 31(4) of the SEBI Takeover Regulations, 2011. This regulation applies when an acquirer purchases shares through open market transactions that are approaching but not crossing the 5% creeping acquisition limit in a financial year. The disclosure suggests LIC has been gradually buying IDBI Bank shares from the open market. Specific transaction details such as the number of shares acquired and the revised holding percentage were not included in the headline.
This is a routine regulatory disclosure indicating LIC's continued share accumulation in IDBI Bank, but it does not trigger any open offer obligation. For retail investors, it confirms LIC's long-term commitment to its stake in the bank, though the exact quantum of the recent purchase and updated holding percentage would be needed to gauge the scale of buying activity.