At end of December quarter, LIC held a 44.3 per cent stake in IDBI Bank.
LIC or Life Insurance Corporation on Monday completed acquisition of a controlling stake in IDBI Bank.
With completion of acquisition of a 51 per cent stake, LIC became majority shareholder of IDBI Bank, according to a regulatory filing by state-run lender.
The deal is "envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, customers employees of both entities through mutual synergies," IDBI Bank said in its statement.