Page 12 - Idbi Bank

Stocks to watch: Rolex Rings, Vodafone Idea, Shree Cement, BoB, IDBI Bank

Power Finance Corporation (PFC) has increased its global medium-term note programme from USD 5 billion to USD 8 billion

IDBI Bank strategic sale: 7 firms in race for transaction advisor

As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank.

Kingfisher Airlines case: Mallya mocks banks for saying he still owes money

With reports of IDBI Bank fully recovering its dues from now-defunct Kingfisher Airlines, fugitive businessman Vijay Mallya on Thursday mocked banks for saying he still owed them money.

IDBI Bank expects its gross NPAs to come down to 15% by FY22-end

Growth in loan book and transfer of some bad assets to NARC will fuel the reduction in gross NPAs

Top headlines: Pfizer raises sales forecast; Maruti misses estimates in Q1

Business Standard brings you the top headlines on Wednesday

IDBI Bank's net profit soars 318% YoY to Rs 603 cr in June quarter

Net interest income of the lender jumped 41% YoY to Rs 2,506 crore but sequentially it was down 23%

Stocks to watch: Mindtree, Vodafone Idea, RIL, IDBI Bank, Shilpa Medicare

Mindtree, Tata Metaliks, Deccan Health Care, Shree Ganesh Remedies and WS Industries are among eight companies that will release quarterly earnings today

Govt moves deadline for legal advisors to bid for managing IDBI Bank sale

The government has extended the deadline for transaction and legal advisors to bid for managing the IDBI Bank strategic sale by 9 days till July 22.

Centre, LIC to offload part or full IDBI Bank stake in one go: DIPAM

Any person holding less than 25% of shares in a company can make an open offer provided that it is for a minimum of 26%

LIC's holding in IDBI Bank to be sold along with govt's stake: DIPAM

LIC's holding in IDBI Bank would be sold along with the government's stake in the lender's disinvestment, but the exact quantum of stake dilution is yet to be decided, the DIPAM has said.

IDBI Intech eyes fintech firms for takeover as it expands in Europe, Asia

Firm currently has 20 fintechs in its fold; ties up with Lemon Advisors to expand overseas

IDBI Intech ropes in UK-based Lemon Advisors for overseas foray

This association will help IDBI Intech access global markets where it aims to leverage the significant reach that Lemon Advisors brings on board, across the geographies in Southeast Asia, Japan, Austr

Moody's affirms ratings for IDBI Bank's long-term deposits at "Ba2"

Flags increased uncertainty over level of govt support despite improvement in asset quality, capital and funding

IDBI Bank invites bids to divest stake in Asset Reconstruction Company

The last date for submission of expression of interest (EoI) is June 25, 2021.

Siva lenders to receive Rs 5 crore cash upfront, take 94% haircut

To receive Rs 318 crore of total dues amounting to Rs 4,863 crore

Good show by banks but can they sustain it?

Till March, banks could hold on but not all of them will be in a position to stomach the impact of the second wave of the pandemic

India's IDBI Bank secures $239 mn debt judgment in UK High Court

IDBI Bank has secured a USD 239 million judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group, believed to be one of the largest debt judgments obtained by an Indian bank in the English courts. Mumbai-headquartered IDBI had entered into loans totalling USD 148 million with two Singapore registered companies -- Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd -- for the construction of two jack up drilling rigs in March 2013. IDH International Drilling Holdco Ltd (IDH), the Cypriot-registered parent company of the borrowers, gave a corporate guarantee in respect of the loan. The loan and guarantee were governed by English laws and were therefore subject to the jurisdiction of the English courts. This is an important judgment both in terms of its size and the message it sends to defaulters that Indian banks are willing and able to recover outstanding debts through the English courts, said Nick Curlin

Standard and Poors affirms BB/B ratings on IDBI Bank with negative outlook

S & P Global Ratings has affirmed BB long-term and B short-term foreign currency issuer credit ratings on IDBI Bank.It also affirmed BB programme rating on the senior unsecured notes under its medium-term notes (MTN) programme and then withdrew the ratings at the bank's request.S & P said the outlook was negative at the time of withdrawal. "We affirmed the ratings because we expect IDBI Bank's improving financial performance to offset the risk of bank's weakening link with the government."The Union Cabinet has approved strategic disinvestment along with the transfer of management control in IDBI Bank. "We considered this as a key transition risk for the rating over the next 12 to 18 months."The high uncertainty associated with an eventual timeline of divestment raises further transition risk. S & P said the strategic sale in IDBI Bank will likely be challenging in the current year owing to the bank's low equity valuation and wary investor sentiment under Covid-19.S & P

S&P Global Ratings affirms BB/B ratings on IDBI Bank with negative outlook

S & P Global Ratings has affirmed BB long-term and B short-term foreign currency issuer credit ratings on IDBI Bank.It also affirmed BB programme rating on the senior unsecured notes under its medium-term notes (MTN) programme and then withdrew the ratings at the bank's request.S & P said the outlook was negative at the time of withdrawal. "We affirmed the ratings because we expect IDBI Bank's improving financial performance to offset the risk of bank's weakening link with the government."The Union Cabinet has approved strategic disinvestment along with the transfer of management control in IDBI Bank. "We considered this as a key transition risk for the rating over the next 12 to 18 months."The high uncertainty associated with an eventual timeline of divestment raises further transition risk. S & P said the strategic sale in IDBI Bank will likely be challenging in the current year owing to the bank's low equity valuation and wary investor sentiment under Covid-19.S & P

Defaulters seek generous bailouts like Siva-IDBI Bank one-time settlement

That deal, approved by 90% of Siva Industries lenders, was signed as there were no other suitable offers; lawyers say it will set a bad precedent