Page 4 - Idbi Bank

Bidders for IDBI Bank to declare no conviction or adverse regulatory orders

The move comes in the backdrop of the government terminating the sale of Central Electronics Ltd (CEL) to Nandal Finance & Leasing last month

IDBI Bank bidders need to seek MHA security clearance in bidding process

In a first, the government has made it mandatory for interested buyers of IDBI Bank to provide details for security clearance from the Ministry of Home Affairs (MHA) in the first stage of the bidding process. So far, in all instances of CPSE privatisation, the government would seek details regarding security clearance of the bidders at the second stage of the bidding process. This meant that bidders who qualified in the first or the Expression of Interest (EoI) round, were required to seek security clearance from the government while placing their financial bids. Inviting Expression of Interest (EoI) from bidders for buying the government and LIC's 60.72 per cent in IDBI Bank, the Department of Investment and Public Asset Management (DIPAM) said interested parties (IPs) who clear the 'Fit & Proper' assessment by RBI and the security clearance by the government/MHA shall be notified as the Qualified Interested Parties (QIPs). Only the QIPs will get access to the data room of IDBI ..

LIC, Centre to sell 60.7% stake in IDBI Bank; DIPAM invites EoIs

DIPAM invites EoIs; last date to submit bids is Dec 16

IDBI Bank privatisation: Govt, LIC to sell 60.72% stake, invite bids

The last date for submission of bids or Expression of Interest is December 16

NARCL makes offers to acquire Jaypee Infratech debt held by Public Banks

NARCL's Rs 3,570-crore offer for the Rs 9,234 crore debt held by nine public sector lenders has triggered a Swiss challenge auction where it will have the right to match the winning bid and take over

Led by HDFC twins, India sees record $124-billion M&A deals in H1FY23

Bankers said the second half of the ongoing financial year will be led by government divestments

IDBI Bank completes sale of entire stake of Ageas Federal Life Insurance

Belgium-based Ageas Insurance International has completed the acquisition of a majority stake in its Indian joint venture Ageas Federal Life Insurance (AFLIC), picking up 25 per cent stake of IDBI Bank for Rs 580 crore. With this, it has become the first foreign partner in the Indian life insurance sector to own a majority stake of 74 per cent. In the non-life segment, it was Italy's financial services major Generali which raised its stake in Future Generali India Insurance to 74 per cent in May this year. Last fiscal, the Indian government allowed foreign players to raise their stakes in Indian joint venture insurance firms up to 74 per cent from 49 per cent earlier as a move to attract investment as well as to increase insurance penetration in the country. "Ageas completes the acquisition of a majority stake in the Indian life insurance joint venture Ageas Federal Life," Ageas said in a release. The global insurer said it has acquired the additional 25 per cent stake (from IDBI

Bank, crypto apps under attack: Everything you must know about SOVA virus

A new version of the Trojan virus, SOVA, has reportedly targeted over 200 mobile banking and crypto apps and is stealing their login credentials, and cookies

Banks alert customers about mobile banking malware targeting over 200 apps

This malware captures the credentials when users log into their net-banking apps and access bank accounts

Ahead of IDBI privatisation, Centre working on tightening disclosure rules

Bidders will have to share the details of legal proceedings against them, if any, until the completion of sale transactions

Withdraw confidentiality breach allegations: IDBI Trustee asks Rel Capital

IDBI Trusteeship Services has asked the administrator of Reliance Capital, Nageswara Rao Y to withdraw the allegations of breach of confidentiality

Rs 7K-crore NPA sale to NARCL by Q4: IDBI Bank MD & CEO Rakesh Sharma

'We have identified accounts worth Rs 11,000 crore, of which Rs 4,000 crore is technically written off', said Sharma

Govt to soon invite bids for IDBI Bank privatisation: DIPAM Secretary

DIPAM Secretary Tuhin Kanta Pandey on Wednesday said the department is working on the Expression of Interest (EoI) and would soon invite preliminary bids from investors for the privatisation of IDBI Bank. The Cabinet Committee on Economic Affairs gave in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the government holds 45.48 per cent in the bank, and Life Insurance Corporation of India, which is currently the promoter of the bank, owns a 49.24 per cent stake. "We have been at it for quite some time. It is also a first of its kind transaction where through a bidding route we will be privatising a bank. Both government and LIC put together hold 94 per cent in IDBI Bank," he said while addressing 'FICCI CAPAM 2022 - 19th Annual Capital Markets Conference'. As the bank has come out of the Prompt Corrective Action (PCA) framework, he said its performance has improved which would generate greater interest among ...

Govt asks Sebi to ease public shareholding norms for IDBI Bank: Report

The Centre has reached out to Sebi seeking a relaxation period of two years in the minimum public shareholding norms for IDBI Bank after its privatisation

IDBI Bank re-appoints S Jebaraj as deputy MD for 3 years effective Sept 20

Jebaraj handles verticals for large and mid-sized corporates, trade finance and NPA management and he has been a member of internal committees for more than a decade, said IDBI Bank

RBI ready to relax norms to facilitate LIC, government stake sale in IDBI

The largest stake in IDBI is currently held by the LIC. It holds 49.2 per cent of all the shares in the bank. It is followed by the govt, which holds 45.5 per cent

IDBI Bank's CEO says the lender can recover $2.4 billion in bad loans

India is considering selling at least 51% of the $5 billion bank, people familiar with the matter have said

RBL, IDBI Bank surge up to 10%; Karur Vysya, Federal Bank hit 52-week highs

Union Bank of India, Bank of India, Canara Bank, Punjab National Bank, Indian Overseas Bank, Uco Bank, Central Bank of India, and Bank of Baroda from the PSUpack were up 2-5%

Stocks to watch: TCS, Wipro, Future Ent, IDBI Bank, Adani Green, ONGC, NHPC

Stocks to watch today: Canara Bank plans to raise up to Rs 3,500 crore through tier II bonds; TCS clarified that it would pay 100 per cent of variable payout in the June quarter of FY23.

Govt considers selling at least 51% of state-backed IDBI Bank: Report

Authorities plan to sell at least some of the government and LIC's stakes in IDBI Bank and cede management control