Why is LIC going on an investment spree?#BusinessTitBits

A news item says that the board of directors of IDBI Bank will meet on October 4, 2018, to consider the preferential allotment of equity shares to the LIC, such that its shareholding in the bank, after such allotment of shares will increase to 51%. LIC has already conveyed its approval to such allotment of shares to the board of IDBI Bank. By virtue of such allotment of shares, for which LIC will invest another Rs.12000 crores in a bankrupt and mismanaged entity, it becomes the controlling owner of yet another financial institution. The question is why is LIC going on an investment spree? Mr. Akhilesh Bhargava, Business Editor of HW Business and Finance shares his insights on the matter.