IDBI Bank on Thursday set out a turnaround plan that includes raising additional capital and selling non-core assets to help the state-run lender to improve its financial position and reassure investors anxious about a possible debt default. IDBI announced the plan, which will also include curbing its rising corporate loan book and cutting costs, on the day when Moody's Investor Service became the second rating agency to downgrade its debt this week. The lender has been facing growing investor concerns that it will be unable to service its coupon payments for so-called ...
IDBI Bank plans to raise extra capital, sell non-core assets for turnaround
The firm expects to improve its financial position and reassure investors through these measures