Page 16 - Idbi Bank

Govt not to participate in LIC's open offer to buy 51% stake in IDBI Bank

In a letter to the bank, the Government of India has confirmed that it will not participate in the open offer made by LIC

Competition Commission approves LIC's 51% stake acquisition in IDBI Bank

In August, the government gave its nod for the LIC's proposed purchase of up to 51% stake in the IDBI bank

IDBI Bank remains on credit watch with negative implications, says S&P

Global rating agency S&P Thursday said it's 'BB' long-term and 'B' short-term issuer credit ratings on state-run IDBI Bank continues to remain on credit watch with negative implications, due to uncertainty on the lender's ability to meet capital requirements. The agency said the bank remains in breach of its regulatory capital requirements following a loss in the second quarter of the current fiscal. IDBI Bank's losses widened to Rs 3,602 crore in the quarter ended September, from Rs 198 crore in the year-ago quarter, on account of higher provisioning for bad loans and lower interest income. The lender's tier-1 capital ratio stood at 4.22 per cent, well below the minimum regulatory requirement of 7 per cent. "The continuing placement reflects the uncertainty regarding the bank's ability to meet its capital requirements in the near term," the rating agency said. It, however, sees the the breach in capital requirement to be temporary. Life Insurance Corporation (LIC)

LIC's open offer for 26% stake in IDBI Bank to kick-start from December 3

The open offer is in connection with the LIC's acquisition of 51 per cent controlling stake in the state-owned IDBI Bank

Govt appoints Rakesh Sharma as MD and CEO of IDBI Bank for six months

He retired from Canara Bank as the MD and CEO after serving for a period of three years from September 11, 2015 till July 31, 2018

Govt appoints former Canara Bank MD Rakesh Sharma as head of IDBI Bank

This comes after the tenure of B Sriram who was appointed as the chief executive of IDBI Bank for three months ended in September 2018

Former Canara Bank chief Rakesh Sharma named CEO of IDBI Bank for 6 months

Sharma retired from as CEO of Canara Bank in July 2018; he replaces B Sriram, who headed IDBI Bank until September this year

LIC makes open offer of Rs 126 bn to acquire 26% stake in IDBI Bank

LIC made a public announcement for the open offer to shareholders, including retailers, as per the Sebi's regulations with regard to substantial acquisition and takeover of shares in a company

IDBI Bank approves issuance of preferential equity shares in favour of LIC

The bank's board Thursday also approved allotment of 339.8 million equity shares to LIC at a price of Rs 61.73 per share

IDBI Bank allots 339.9 mn preferential shares to LIC at Rs 61.73 apiece

The preferential issue to LIC will raise up to Rs 20.98 billion for the bank

Debt-ridden IDBI to consider allotment of 51% shares to LIC on Oct 4

Earlier this month, the LIC board had taken decision on the modalities and timeline for increasing stake in IDBI Bank to 51 per cent

LIC board to meet on Tuesday to decide raising stake in IDBI Bank to 51%

The board will discuss timeline for the open offer, board-level appointments and future strategy for revitalising IDBI Bank, sources said

IDBI Bank to file insolvency case against Reliance Naval with NCLT

According to R-Naval's annual report for 2016-17, it had overdue loans of Rs 3.432 billion toward principal and interest payments

LIC board gives in principle approval to acquire 14.9% stake in IDBI Bank

IDBI Bank shares had dropped sharply by more than 5 per cent to a day's low of Rs 57.85 after the announcement

S&P places IDBI Bank's rating on credit watch with negative implications

A net loss in the first quarter of fiscal 2019, combined with the bank's buyback of additional tier-1 (AT1) capital instruments, eroded IDBI's capital levels to below the regulatory minimum for a bank

IDBI hikes marginal cost of funds based lending rate by up to 0.10%

For overnight and one-month tenor loans, the MCLR are increased by 0.05 per cent each to 8 per cent and 8.25 per cent respectively

IDBI Bank names RBSA as financial advisor to vet LIC's acquisition proposal

With the acquisition of a majority stake, LIC is expected to appoint at least four members on the bank's board

IDBI Bank will soon approve allotment of preference shares to LIC

The bank would also get accounts of about 220 million policy holders and subsequent flow of fund

IDBI Bank seeks shareholders' nod to raise for Rs 50 billion in capital

The government owns 85.96 per cent of IDBI Bank, while LIC holds 7.98 per cent at end of June 2018, according to filings with BSE

LIC set to finalise turnaround strategy for debt-ridden IDBI Bank

Insurer's board meets on Monday to approve the proposal to increase stake up to 51%