Page 3 - Idbi Bank

Govt to allow consortium of foreign funds to own over 51% in IDBI Bank

The Indian government will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank Ltd, according to a government clarification on Tuesday

IDBI Bank hits 52-week high, rallies 15% in four days on heavy volumes

Finance ministry on Sunday has clarified that IDBI Bank will continue to operate as an 'Indian private sector bank' after its strategic sale.

Will the dream run continue for banks?

As the war for deposits escalates, the cost of money will rise and banks' NIM will be under pressure. Also, a few banks may invite trouble by aggressively growing their retail books without necessary

Near term margins may remain subdued for Astral, high valuation weighs

The company underperformed peers on the volume front in Q2, though margin impact was lower given value-added mix

Budget 2023-24: Disinvestment target likely to stay elevated for FY24

The sources said that the government expects over Rs 60,000 crore from the IDBI stake sale.

Disinvestment target for FY24 to be at a 'realistic level' of Rs 65K-crore

Centre's receipts from disinvestment till November in FY23 stand at Rs 24,544 crore

IDBI announces new deposit scheme, lifts deposit rate to 7% for 700 days

The bank has also tweaked the deposit rate for 555 days

IDBI Bank's proposed stake sale likely to run into regulatory hurdle

Sebi raises concern over low public float in the lender

Jaypee Infra insolvency: Decks cleared for NARCL to buy first stress asset

Jaypee Infratech deal expected to close by early Nov

No govt, LIC veto post privatisation of IDBI, to give promoters free hand

The government and state-owned insurer LIC, who will continue to hold significant shareholding in IDBI Bank post its privatisation, will not veto any proposals of the new owner as part of their plan to give the incoming promoters a free hand, a senior official said. The government earlier this month invited bids for the sale of 60.72 per cent stake in IDBI Bank, which is 45.48 per cent owned by the government and 49.24 per cent by the Life Insurance Corporation of India (LIC). At Friday's closing price of Rs 44.30, IDBI Bank is valued at Rs 47,633 crore but the government is looking for at least 30 per cent markup in the sale. At the current price, sale of 61 per cent stake would fetch about Rs 29,000 crore to the government. The official said post-privatisation, the government and LIC shareholding will come down to 34 per cent but they do not intend to move in tandem to block any special resolution proposed by the new promoter. This is with a view to assuaging the concerns of ...

State Bank of India, IDBI Bank hike retail fixed deposit rates

For 1 year to less than 2 years, SBI is offering 6.10% as compared to 5.60% earlier

IDBI Bank net profit jumps 46% to Rs 828.09 crore in Sept quarter

Profits would have been higher if not for aggressive provisioning: IDBI Bank CEO

India pushing for valuation of $7.7 billion for state-owned IDBI Bank

India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd. in what could be the biggest sale of the government's stake in a lender in decades

IDBI Bank net profit up 46% at Rs 828 cr in Q2 FY23, net NPAs down to 1.15%

IDBI Bank on Friday reported a 46 per cent rise in its net profit to Rs 828 crore for the second quarter ended September 30. The bank had posted a net profit of Rs 567.12 crore in the year-ago period. The total income in the September 2022-23 quarter rose to Rs 6,065.51 crore from Rs 5,129.92 crore a year ago, IDBI Bank said in a regulatory filing. The private sector lender, controlled by India's largest insurer LIC, improved its asset quality by bringing down its gross non-performing assets (NPAs) to 16.51 per cent of the gross advances as of September 30, 2022, against 21.85 per cent at the end of September 2021. Its net NPAs too came down to 1.15 per cent from 1.71 per cent. However, the provisioning towards bad loans and contingencies for the September quarter of FY23 was raised to Rs 770.72 crore from Rs 571.43 crore in Q2 FY22. It was lower than Rs 959.23 crore for June 2022-23 quarter. Shares of IDBI Bank closed 1.33 per cent lower at Rs 44.15 apiece on BSE.

IDBI Bank privatisation: LIC to recover its investment by time of sale

State-owned insurance behemoth LIC is expected to recover its Rs 21,624 crore investment it had made in IDBI Bank as share prices are likely to rebound to 2019 levels by the time the lender is privatised, an official said. The official said that since the commencement of the IDBI Bank privatisation process in May last year, the share price has jumped from Rs 35 a share to Rs 45 a piece currently. "We are expecting IDBI Bank scrip to move up further. The price is expected to move up closer to the price at which LIC had picked up stake in 2019," the official told PTI. The government and Life Insurance Corp (LIC) together hold 94.72 per cent in IDBI Bank. Of this, LIC's holding is 49.24 per cent, while the government holds the rest 45.48 per cent stake. Public shareholders hold 5.28 per cent. LIC had bought a 51 per cent stake in IDBI Bank in 2019 for Rs 21,624 crore at an average price of Rs 61 per share. Following a QIP issue in December 2020, the stake of LIC came down to 49 per ..

IDBI stake sale: To help the buyer, centre asks Sebi to ease norms

The government offered to sell a total of 60.72% stake in the IDBI bank, in early October

Centre seeks waiver in key norm for IDBI Bank stake sale: Report

Govt has reportedly asked SEBI if it can classify the govt, LIC's remaining stake of about 34% after the sale as public float, which will help the new buyer meet the minimum public shareholding norm

Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

IDBI Bank's privatisation process likely to conclude by Sep 2023: Officials

The financial bids for IDBI Bank privatisation is likely to be invited by March and the conclusion of the sale process is expected in the next financial year, officials said. Last week, the government along with Life Insurance Corporation (LIC) invited preliminary bids for selling 60.72 per cent stake in IDBI Bank. The last date for putting in Expression of Interest (EoI) is December 16. Once the EoIs come in and the interested parties clear RBI's 'Fit and Proper' assessment and gets Ministry of Home Affairs (MHA) security clearance, data room access would be given to qualified bidders. It is only after due diligence, that bidders would put in financial bids. Usually it takes about six months for the process of due diligence to get completed and financial bids to come in. We hope to invite financial bids for IDBI Bank by March, officials added. Considering that this would be the first case of strategic sale in bank, a lot of queries are expected to be raised during the due diligenc

IDBI Bank surges 11% as govt invites bids for strategic divestment

LIC, which owns 49.2% in IDBI Bank, will cut its stake to 19%, while the government will reduce its shareholding to 15% from 45.5% at present