IDBI Bank’s privatisation process likely to conclude by September 2023: Officials
NEW DELHI: 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 […]
IDBI Bank posts Rs 135 crore profit in Q4 on account of bad loan recoveries
NEW DELHI: Turning the corner, IDBI Bank on Saturday posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. The lender reported a profit after 13 straight quarters of net losses. The bank, majority owned by Life Insurance Corporation of India (LIC), had posted a net loss […]
IDBI Bank cuts MCLR by 5-10 bps across various tenors
MUMBAI: Life Insurance Corporation of India (LIC)-owned IDBI Bank on Wednesday reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points across various tenors, with immediate effect. The lender has reduced its one-year MCLR or the minimum lending rate to 8.95 per cent. The one-year MCLR is the benchmark against which […]
LIC completes the acquisition of 51% controlling stake in IDBI Bank
NEW DELHI: IDBI Bank on Monday said insurance behemoth LIC has completed acquisition of 51 per cent controlling stake in the bank, making it the lender’s majority shareholder. “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, […]
LIC’s open offer for 26% stake in IDBI Bank to begin from 3 December
NEW DELHI: LIC’s open offer to purchase shares from the minority shareholders of IDBI Bank will kick-start from 3 December, IDBI Bank said on Thursday. The open offer, at Rs 61.73 per equity share, will close on 14 December. LIC has offered to acquire 2,04,15,12,929 equity shares, representing 26% of the fully paid-up equity capital […]