The IDBI Bank on Friday witnessed more than 10 percent gains in trade ahead of the Insurance Regulatory and Development Authority of India's meet, which is likely to give its approval for the IDBI Bank-LIC deal.

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According to sources, the board is expected to grant an exemption to LIC for investing more than 15 percent in IDBI Bank.

The life insurer, already having a 10.82 percent stake in IDBI Bank, will immediately clear the bank's non-performing assets (NPAs) post the acquisition.

First Published:Jun 29, 2018 11:26 AM IST