Page 22 - Idbi Bank

IDBI Bank gets govt nod to handle import, export transactions with Iran

IDBI Bank has been identified to route the payments. UCO Bank had in the previous round of sanctions handled rupee payments

Corporate governance key to IDBI Bank's future

In medical parlance, IDBI Bank is probably being shifted from ICU (intensive care unit) to HDU (high dependency unit)

How about LIC Bank? With insurer as new owner IDBI Bank wants name change

Bank board's proposal in this regard must receive nod from RBI, shareholders and Stock Exchanges; it is also subject to name availability and reservation by MCA

IDBI Bank Q3 net loss rises to Rs 4,185 cr on higher bad loan provisions

Its asset quality remains under severe pressure

IDBI Bank reports threefold increase of loss to Rs 4,185.48 crore for Q3

The bank had reported a net loss of Rs 1,524.31 crore in the corresponding quarter of the previous fiscal

Moody's upgrades IDBI's foreign currency rating; outlook labeled positive

This capital infusion will help the public sector lender to negotiate better terms on its foreign fund raising exercise, mainly from its branch in Dubai International Financial Center

IDBI Bank shares tumble over 3% after 51% stake acquisition by LIC

Shares of IDBI Bank Monday fell over 3 per cent on a day when insurance behemoth LIC announced completion of 51 per cent stake acquisition in the bank. Stock of the bank slumped 3.17 per cent to Rs 56.50 on the BSE. Intra-day, it went down to touch a low of Rs 56.20. On the NSE, the shares slipped 3.09 per cent to end at Rs 56.40. During the trading session, the scrip touched a low of Rs 56.05. "The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, customers & employees of both entities through mutual synergies," IDBI Bank said in a BSE filing. In August last year, the Cabinet approved the acquisition of controlling stake by Life Insurance Corporation (LIC) as a promoter in the bank through a combination of preferential allotment and open offer of equity. IDBI Bank has about 1.5 crore retail customers and about 18,000 employees. With this deal, LIC will have a strategic .

Only 22% minority shareholders exit IDBI Bank following open offer by LIC

Existing shareholders feel value of their shares going up substantially in the future following management takeover by LIC

S&P removes IDBI Bank ratings from CreditWatch post LIC's capital infusion

LIC's capital infusion could enable IDBI Bank to accelerate write-offs and make sufficient provisions against stressed assets

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