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Life Insurance Corporation of India (LIC) is unlikely to offer any premium for shares of IDBI Bank, say sources.The bank's board of directors will seek shareholder approval for preferential allotment of a 14.9 per cent equity stake to LIC.The insurance behemoth is also expected to approach the Securities and Exchange Board of India (Sebi) and seek an exemption from making an open offer to minority shareholders after the said allotment. Both matters will be taken up by the insurer at its September 4 board meeting. Sources say LIC is in the final stage of price discovery, in line with the Sebi formula which considers 26 weeks' weighted average market price. LIC expects the deal to be closed in the next two months. "Shares of IDBI Bank have gained close to 25 per cent since the deal was announced, thanks to the excessive speculative trading on hope of a turnaround with a stronger promoter. The intention behind this acquisition is to revive the ailing lender. Hence, the question of ...

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