New Delhi, May 5

The Cabinet Committee on Economic Affairs has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd.

The extent of respective shareholding to be divested by the GoI and LIC shall be decided at the time of structuring of transaction in consultation with the RBI, said an official statement.

The Government of India and the LIC together own over 94% of equity of IDBI Bank, with the Centre holding 45.4% and the LIC owning 49.24% stake. — TNS