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The board of IDBI Bank last month proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank.

Currently, there are two DMDs at the bank - KP Nair and GM Yadwadkar who are due for retirement soon.

The board has proposed LIC IDBI Bank Ltd as the first preference followed by LIC Bank Ltd.

The open offer has been made at a price of Rs 61.73 a share.

The open offer, at Rs 61.73 per equity share, will close on December 14.

LIC intends to increase its stake in IDBI Bank to 51 per cent.

The board is due to meet tomorrow to take up the proposal.

The acquisition of controlling stake by the LIC, it added, would be through preferential issue/open offer of equity.

State-owned IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition.

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