(ET)
The government has approved the strategic disinvestment and transfer of management control in IDBI Bank. The Cabinet Committee on Economic Affairs, which met under the chairmanship of Prime Minister Narendra Modi, gave its in-principle go ahead, according to an official statement on Wednesday. The government currently holds a 45.48% stake in the lender, while state-run Life Insurance Corp. of India is the promoter with a 49.24%.
