IDBI

-- Source link: https://tinyurl.com/5f8977v7

-- Note: Reuters has not verified this story and does not vouch for its accuracy

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Feb 10 (Reuters) - IDBI Bank Ltd IDBI.NS:

• IDBI BANK LTD - RECEIVES NOTICE OF STRIKE ON FEBRUARY 12, 2026

Source text: ID:nBSE4HyZ3Z

Further company coverage: IDBI.NS

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** India's IDBI Bank IDBI.NS shares drop 2% in early trade

** India's divestment secretary said on Friday it got bids for a stake sale in the lender without disclosing details

** Reuters reported on Friday citing sources Kotak Mahindra Bank KTKM.NS among firms in fray to bid for IDBI Bank stake

** KTKM, in an exchange filing on Saturday, denied participation in the sale

** KTKM shares up 1% on the day

(Reporting by Hritam Mukherjee in Bengaluru)

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Adds details from government spokesperson and holdings from paragraph 3

Feb 7 (Reuters) - India's Kotak Mahindra Bank KTKM.NS said in an exchange filing on Saturday that it has not submitted a financial bid for IDBI Bank IDBI.NS.

Reuters on Friday reported that the private lender was one of the bidders for the state-owned bank.

The government has received bids for the bank, Divestment Secretary Arunish Chawla said on Friday, without disclosing details.

The Indian government and state-owned Life Insurance Corporation of India (LIC) (LIFI.NS) together plan to sell 60.7% of the lender as part of a broader government privatisation programme. The government owns 45.48% of IDBI Bank, while LIC holds 49.24%.

(Reporting by Sai Ishwarbharath B; Editing by Sam Holmes)

IDBI Bank Ltd IDBI.NS:

• INDIA DIVESTMENT SECY: INDIAN GOVERNMENT RECEIVES FINANCIAL BIDS FOR IDBI BANK STAKE SALE

Source text: [ID:]

Further company coverage: IDBI.NS

Adds details from paragraph 2-9

By Nikunj Ohri

NEW DELHI, Feb 2 (Reuters) - The Indian government is holding inter-ministerial consultations to raise the limit on foreign direct investment in state-run banks to 49% from 20%, India's financial services secretary M Nagaraju told reporters on Monday.

Foreign interest in India's banking industry is on the rise as evidenced for instance by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in private RBL Bank RATB.NS.

Currently, India allows 74% foreign investment in private banks but limits shareholdings of any single foreign institution to 15% unless the Reserve Bank of India grants an exemption.

The Asian nation plans to more than double current limits of direct foreign investment in state-run banks, Nagaraju said. Raising the foreign ownership limit will help them gain more capital in the coming years, Reuters reported last year.

Separately, India's state-run banks will launch qualified institutional placement (QIP) of shares worth about 500 billion rupees ($5.46 billion) in the fiscal 2026-27 year (April-March), more than the planned 450 billion rupees in the current fiscal year, Nagaraju said.

He was speaking to reporters in New Delhi a day after Finance Minister Nirmala Sitharaman presented the nation's annual budget .

New Delhi may also launch an offer next year to sell a portion of its stake in the insurance behemoth Life Insurance Corporation LIFI.NS, he added.

The Indian government will also get financial bids for IDBI Bank IDBI.NS this month, Nagaraju said.

The government, which owns 45.48% in IDBI Bank, and state-owned LIC which holds 49.24%, together plan to sell 60.7% of the lender. IDBI Bank had to be rescued by the state-owned insurer in 2019 after a surge in bad loans at the lender.

($1 = 91.6350 Indian rupees)

(Reporting by Nikunj Ohri; Writing by Tanvi Mehta; Editing by Sonali Paul and Raju Gopalakrishnan)

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By Gopika Gopakumar and Nikunj Ohri

MUMBAI, Jan 30 (Reuters) - India's federal government has set a February 5 deadline for financial bids for IDBI Bank IDBI.NS as it looks to divest a majority of its holding in the lender, according to two sources familiar with the matter.

The deadline has been communicated to bidders who are eligible for bidding, suggesting that the process of disinvestment in IDBI Bank has entered its final phase.

The central bank had approved Fairfax Financial Holdings, Emirates NBD and Kotak Mahindra Bank KTKM.NS as eligible bidders in 2024, Reuters had previously reported. The divestment process has been underway since then, with the government trying to finalize the details of the stake sale process.

The government had earlier said that it hoped to complete the stake sale process, which began in 2022, by March 2026.

The government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India LIFI.NS which holds 49.24%, together plan to sell 60.7% of the lender.

As part of the stake sale, the successful bidder will be allowed to rename the bank, a separate source familiar with the process said.

IDBI Bank had to be rescued by the state-owned insurer in 2019 after a surge in bad loans at the lender.

An email sent to the federal finance ministry, under which the divestment process falls, was not immediately answered.

(Reporting by Gopika Gopakumar in Mumbai and Nikunj Ohri in New Delhi; Editing by Anil D'Silva)

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** Shares of Indian lender IDBI Bank IDBI.NS rise 2.55% to 97.89 rupees

** Govt has formally invited bids for strategic disinvestment in the bank to privatize it - media report from NDTV Profit

** All key regulatory and security clearances completed, decision likely to be announced by March - report

** Trading vols at 18.3 mln shares so far vs 30-day avg of 15.8 mln shares

** Stock up ~35% in 2025

(Reporting by Abhirami G in Bengaluru)

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Dec 29 (Reuters) - IDBI Bank Ltd IDBI.NS:

• FACES 3.5 MILLION RUPEES PENALTY

Source text: ID:nBSE1BVT01

Further company coverage: IDBI.NS

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Repeats story published on Monday, with no changes to the text

By Gopika Gopakumar

Oct 13 (Reuters) - Dubai-based bank Emirates NBD ENBD.DU is in advanced talks to buy a stake in Indian private lender RBL Bank RATB.NS, two people familiar with the deal told Reuters.

The Dubai bank is looking to invest in the lender via a preferential allotment of equity and warrants, one of the people familiar with the deal said.

The initial stake purchase could go up to 25%, that person said.

Both sources declined to be identified as they are not authorised to speak to the media.

The talks were first reported by two Indian financial media outlets.

Emirates NBD declined comment while RBL Bank did not immediately respond to a Reuters request for comment.

RBL Bank has a market capitalisation of 177.28 billion Indian rupees ($2.00 billion) and is widely held by retail shareholders and fund houses, as per data from NSE. Shares on Monday closed down 0.82%.

Reuters could not determine the value of the deal or if it will be announced imminently.

The UAE's second-largest bank by total assets has been looking to expand in India and was previously in talks to pick up a stake in government-owned IDBI BankIDBI.NS.

Reuters reported in June that the Reserve Bank of India (RBI) was considering possible rule changes to allow higher foreign ownership in Indian banks, amid overseas buyers' interest and India's need for long-term capital.

Under current regulations, foreigners, including portfolio investors, can own up to 74%, but a strategic foreign investor is limited to 15%.

In May, the RBI made an exception to allow Japan's Sumitomo Mitsui Banking Corp (SMBC) to buy a 20% stake in Yes Bank. SMBC agreed to acquire a further 4.2% stake in September.

($1 = 88.6350 Indian rupees)

(Reporting by Gopika Gopakumar in Mumbai; Additional reporting by Ananta Agarwal in Bengaluru and Federico Maccioni; Editing by Tasim Zahid and Tomasz Janowski)

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Aug 8 (Reuters) - IDBI Bank Ltd IDBI.NS:

• IDBI BANK LTD - RECEIVES NOTICE FOR STRIKE ON AUGUST 11, 2025

Source text: ID:nBSEbwfWdB

Further company coverage: IDBI.NS

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Adds details on timing, stake from paragraph 2

NEW DELHI, Aug 1 (Reuters) - India has completed due diligence for the stake sale of IDBI Bank IDBI.NS and plans to invite financial bids between October and December, the country's divestment secretary said on Friday.

A successful bidder will be announced by the end of March 2026, said Arunish Chawla, Department of Investment and Public Asset Management Secretary.

Banking sector deals in India, especially those involving foreign entities, are rare. A full takeover of troubled Indian lender Lakshmi Vilas Bank by Singapore-based DBS Group in a regulatory-driven transaction in 2020 was the last major deal.

The sale of a majority stake in IDBI Bank has been seen as a first step towards privatising state-run banks.

The government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India LIFI.NS which holds 49.24%, together plan to sell 60.7% of the lender.

The sale process was first announced in 2022.

Reuters has reported that interested buyers include Emirates NBD and Canadian billionaire Prem Watsa.

(Reporting by Nikunj Ohri, Writing by Shilpa Jamkhandikar, Editing by Louise Heavens)

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Adds quote in paragraph 4, updates subscription level in paragraph 8

By Vivek Kumar M, Chandini Monnappa and Hritam Mukherjee

July 30 (Reuters) - National Securities Depository Ltd's NATS.NS $458 million IPO was fully subscribed within hours of its Wednesday launch as investors rushed to back its leading position in India's rapidly growing securities market.

The country's largest depository is drawing strong investor interest amid a retail investing boom, with demat accounts growing at a 21.9% compound annual rate since fiscal 2014 to 192.4 million by March 2025, according to its offer document.

NSDL holds around 86% of India's securities depository market, where it operates as one of two licensed players. Shares of smaller rival Central Depository Services CENA.NS have surged nearly twelve-fold since their 2017 debut.

"NSDL's valuation is decent compared to CDSL at ~60x. This differential could lead to some investors exiting CDSL and buying NSDL post the latter's listing," said Ambareesh Baliga, an independent market analyst.

NSDL's IPO is an offer for sale, with IDBI Bank IDBI.NS and the National Stock Exchange paring stakes to meet the 15% regulatory ownership cap for market infrastructure institutions such as depositories.

The offering, among India's largest this year, raised $137.35 million in its anchor round on Tuesday from marquee investors including Life Insurance Corporation of India LIFI.NS and U.S.-based Capital International.

Shares were allotted at the upper end of the price band of 760 rupees to 800 rupees. The issue will close on August 1.

The portions reserved for retail and non-institutional investors were fully subscribed, while qualified institutional buyers bid for 79% of the shares allotted.

Three analysts said NSDL's issue was fairly priced at 47x of fiscal year 2025 earnings.

"Given its strong market position, high entry barriers, and long-term growth tailwinds from India's digital and capital market expansion, we assign a 'subscribe' rating for long-term investors," Angel One said in a note.

($1 = 87.3470 Indian rupees)

(Reporting by Chandini Monnappa, Hritam Mukherjee and Vivek Kumar M in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

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July 9 (Reuters) - Indian state-owned banks will raise around 450 billion rupees ($5.25 billion) through qualified institutional placement (QIP) of shares to institutions in the financial year ended March 2026, a government source told reporters on Wednesday.

State Bank of India SBI.NS, the country's biggest lender by assets, will launch its QIP soon, the source said.

($1 = 85.6900 Indian rupees)

(Reporting by Nikunj Ohri in New Delhi; Editing by Shailesh Kuber)

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July 8 (Reuters) - IDBI Bank Ltd IDBI.NS:

• RECEIVES STRIKE NOTICE FOR JULY 09, 2025

Source text: ID:nBSEbw1R5X

Further company coverage: IDBI.NS

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By Ira Dugal and Swati Bhat

MUMBAI, June 3 (Reuters) - The Indian banking regulator is signalling possible rule changes ahead that would let foreigners own more of India's banks, spurred by overseas institutions' eagerness for acquisitions and the fast-growing economy's need for more long-term capital.

The Reserve Bank of India last month bent its rules to let Japan's Sumitomo Mitsui Banking Corp buy a 20% stake in Yes Bank, and two foreign institutions are vying for a stake in IDBI Bank, highlighting the pressure to ease foreign ownership rules that are among the strictest of any major economy.

RBI Governor Sanjay Malhotra told the Times of India last week that the central bank was examining shareholding and licensing rules for banks as part of a broader review.

A source familiar with the central bank's thinking said it would be more open to letting regulated financial institutions own bigger stakes, with approvals on a case-by-case basis, and to certain rule changes that could address disincentives for foreign acquisitions.

Analysts say foreign banks are keen for deals in India, the world's fastest-growing major economy, especially as it angles for regional trade agreements. Such pacts could open up new opportunities in India for global lenders elsewhere in Asia and the Middle East.

"The interest is driven by India's strong economic growth and large under-penetrated market," said Madhav Nair, deputy chairman of the Indian Banks Association.

Indian regulators, for their part, worry that India lags other large economies in mobilising banking capital, which will be vital to sustaining rapid economic growth.

Alka Anbarasu, associate managing director at Moody's Investors Service, said India will need much more capital for its banking system over the medium term.

"Whether this has prompted the regulator to consider bringing in strong international players into the banking system, it would be a good rationale for doing so," she said.

While most large global banks from Citibank to HSBC to Standard Chartered have operations in India, they are focused on the more profitable corporate and transaction banking segments, along with trading, rather than bread-and-butter lending.

The share of foreign banks in outstanding bank credit in India is less than 4%, central bank data shows.

Banking remains one of the most guarded sectors of the Indian economy. While foreigners including portfolio investors can own up to 74%, regulations limit a strategic foreign investor's stake to 15%.

Foreign banks are also deterred by a maze of other regulations, including a 26% cap on voting rights and a requirement that any large shareholding by a so-called promoter - a strategic investor with direct influence over management decisions - be sold down to 26% within 15 years.

The RBI is open to giving foreign buyers more time to sell down their stake, the source familiar with the bank's thinking said. The source declined to be identified as the deliberations are confidential.

The RBI did not respond to an email seeking comment.

The source also highlighted the banking regulator's increased openness to case-by-case exemptions from the 15% ownership limit, as offered for the Yes Bank YESB.NS purchase. The $1.58 billion deal was the largest cross-border acquisition ever in India's financial sector.

Two foreign investors - Canada's Fairfax Holdings and Emirates NBD - are also contending for a 60% stake in government-owned IDBI Bank.

Emirates recently received regulatory approval to set up an Indian subsidiary, making it only the third major foreign bank to do so after Singapore's DBS and State Bank of Mauritius.

The decision was prompted by an interest to acquire a majority stake in IDBI Bank, a source familiar with the buyers' thinking said.

Emirates NBD declined to comment. Fairfax did not respond to a request for comment.

An increase in the 26% cap on voting rights, or in the 15% investment limit, could encourage foreign bank investors, ratings agency Fitch said in a note last week.

It believes the RBI's preference is for foreign banks with a strong performance and solid governance to acquire stakes larger than 26% through wholly owned subsidiaries regulated in India.

The source familiar with RBI thinking said the limit on voting rights was hard-coded in law and would need to be reviewed by the finance ministry.

On regulatory issues under the central bank's purview, the source added, the stance on foreign strategic investors may need to be adjusted, especially given domestic investors' lack of interest in running banks.

"Where the long-term capital will come from will have to be thought through," the source said.

(Reporting by Ira Dugal and Swati Bhat; Editing by Edmund Klamann)

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May 2 (Reuters) - RESERVE BANK OF INDIA :

• IMPOSED A MONETARY PENALTY OF 3.2 MILLION RUPEES ON IDBI BANK

• IDBI BANK CHARGED INTEREST IN EXCESS OF APPLICABLE RATE OF INTEREST IN CERTAIN KCC ACCOUNTS

Source text: [ID:]

Further company coverage: IDBI.NS

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April 28 (Reuters) - IDBI Bank Ltd IDBI.NS:

• MARCH-QUARTER NET PROFIT 20.51 BILLION RUPEES

• MARCH-QUARTER GROSS NPA 2.98%

• MARCH-QUARTER INTEREST EARNED 69.79 BILLION RUPEES

• MARCH-QUARTER PROVISIONS AND CONTINGENCIES 2.33 BILLION RUPEES

Source text: ID:nBSE98ZbY1

Further company coverage: IDBI.NS

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April 7 (Reuters) - Zee Entertainment Enterprises Ltd ZEE.NS:

• NCLAT DISMISSES APPEAL FILED BY IDBI BANK

Source text: ID:nBSE2jPdFg

Further company coverage: ZEE.NS

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** Shares of IDBI Bank IDBI.NS climb as much as 3.7% to 81.27 rupees; last up 2.7%

** Lender's provisional total deposits grew 12% y/y as of March 31, while net advances rose 16% y/y

** About 7 million shares traded vs 30-day avg of 5.4 million shares

** Year-to-date, stock is up 2.5%

(Reporting by Manvi Pant in Bengaluru)

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April 2 (Reuters) - IDBI Bank Ltd IDBI.NS:

• PROMOTES THREE EXECUTIVE DIRECTORS

Source text: ID:nNSE239Xqh

Further company coverage: IDBI.NS

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March 21 (Reuters) - IDBI Bank Ltd IDBI.NS:

• RBI: RESERVE BANK OF INDIA HAS IMPOSED MONETARY PENALTY OF 3.6 MILLION RUPEES ON IDBI BANK

• RBI: PENALTY ON IDBI BANK FOR NOT UNDERTAKING DUE DILIGENCE WHILE PROCESSING INWARD REMITTANCES FROM A FOREIGN CURRENCY ACCOUNT

Source text: [ID:]

Further company coverage: IDBI.NS

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Feb 18 (Reuters) - IDBI Bank Ltd IDBI.NS:

• FINED 1.2 MILLION RUPEES BY EXCISE AND TAXATION OFFICER

Source text: ID:nBSE4ftBXX

Further company coverage: IDBI.NS

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Feb 5 (Reuters) - IDBI Bank Ltd IDBI.NS:

• IDBI BANK LTD - IMPOSED TAX PENALTY OF 3.7 MILLION RUPEES

Source text: ID:nNSE7RCCdf

Further company coverage: IDBI.NS

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By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Jan 27 (Reuters) - Indian Prime Minister Narendra Modi is pouring billions into ailing state-run firms after slowing ambitious divestment plans that were intended to reduce the role of the state in business, according to government sources and a document reviewed by Reuters.

Less than a month into 2025, New Delhi has plans to invest about $1.5 billion in financial rescue packages for two state-owned firms after failing to sell them to private companies.

It has also decided to put in "abeyance" privatisation of at least nine state-owned units after opposition from relevant ministries, according to a document that detailed recommendations of a government panel set up to identify privatisation candidates. The document, reviewed by Reuters, did not cite reasons for the decision.

The nine companies include Madras Fertilizers MDFT.NS, Fertilizer Corp of India, MMTC MMTC.NS and NBCC (India) NBCC.NS, the document showed.

Housing and Urban Development Corp HUDC.NS, that was also identified for privatisation, has now been 'exempted' implying it will not be sold, according to the document.

Among the state-owned companies being revived with government funding is helicopter operator Pawan Hans.

The government is planning to infuse around $230 million-$350 million in Pawan Hans to modernise its aging fleet of helicopters after four failed attempts to sell the company, two government sources said.

The amount of infusion is still being finalised as the options being considered for fleet modernisation include both outright acquisition and leasing, one of the sources said.

The sources declined to be identified because of the sensitivity of the issue.

India's finance and civil aviation ministries did not immediately reply to e-mails seeking comment on the privatisation plans or on the Pawan Hans investment.

The fund infusion in Pawan Hans and plans to halt the privatisation of nine firms have not been previously reported.

In 2021, Modi's government announced a major programme to privatise most of India's state-run companies. The plan was so drastic that even in the four sectors that India sees as sensitive, such as telecoms and banking, it wanted to keep only a minimum presence, while exiting from all other sectors.

But now it is planning rescue and revival plans for companies even outside the sensitive sectors.

Last week, the government announced a $1.3 billion plan to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL).

The government has also allocated 80 billion rupees in 2024/25 for bond repayments of state-run telco MTNL that has seen a series of defaults lately, according to budget documents for the current year.

PRIVATISATION SLOWDOWN

Four years since the privatisation policy was announced, the Modi government has had only three successes, out of which Air India's sale to the Tata Group was the largest. The other two were indirect holdings in steel-maker Neelachal Ispat Nigam Ltd to Tata Steel TISC.NS and Ferro Scrap Nigam to Konoike Transport Co 9025.T.

Other large sales have either been deferred or delayed.

The U-turn in policy was partly driven by the expectation that some large state-owned firms could be overhauled and made more profitable, helping the government earn dividend income, Reuters has reported previously.

Political pressures on Modi have increased after he came back to power in mid-2024 only with the help of regional allies, making it more difficult to overcome opposition to privatisation by employee unions fearing job losses.

The sale of state refiner Bharat Petroleum Corp BPCL.NS was rolled back in 2022 after failing to get suitors. The ongoing privatisation of Shipping Corp of India SCI.NS and BEML BEML.NS has been stuck for years due to complications over transfer of land holdings. The government has also been dragging its feet on the sale of a majority stake in IDBI Bank IDBI.NS.

In previous years, privatisation formed an important part of the government’s plan to reduce its budget gap. But with the federal fiscal deficit seen falling to a more comfortable 4.9% of GDP in the 2024-25 year, the fiscal push for divestment has waned.

New Delhi is expected to miss its internal stake sale target of 180 billion to 200 billion rupees in 2024-25 (April-March) for the sixth straight year. As of January, government has mopped up 86.25 billion rupees via stake sales in 2024/25.

($1 = 86.4250 Indian rupees)

(Reporting by Nikunj Ohri and Sarita Chaganti Singh; Editing by Ira Dugal and Raju Gopalakrishnan)

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Jan 23 (Reuters) - IDBI Bank Ltd IDBI.NS:

• RE-APPOINTS RAKESH SHARMA AS MD & CEO FOR THREE YEARS

Source text: ID:nBSE1MScHs

Further company coverage: IDBI.NS

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Corrects paragraph 4 to say Go First filed for bankruptcy in May 2023, not May last year

Jan 20 (Reuters) - An Indian tribunal has ordered the liquidation of Go First Airways after a request from the cash-strapped airline's lenders, CNBC-TV18 reported on Monday.

Go First Airways did not immediately respond to a Reuters request for comment.

In August, Go First's lenders had decided to liquidate the company's assets after rejecting bids by interested suitors to revive the bankrupt airline, Reuters had reported, citing sources.

Go First had filed for bankruptcy in May 2023 and received two financial bids under the bankruptcy process, with one of them raising their offer after a push by lenders.

The budget carrier owes a total of 65.21 billion rupees ($781.14 million) to its creditors, which include Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE.

Foreign aircraft lessors of Go First were locked in a tussle with the company after they were blocked from repossessing planes due to a moratorium imposed by Indian courts. However, a local court, in April, allowed them to take back their planes.

(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza)

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MUMBAI, Jan 18 (Reuters) - India will likely cut its disinvestment and asset monetisation target by 40% for 2024-25 in the federal budget to be presented next month, The Economic Times newspaper reported on Saturday, as planned sales of state-run firms run into a host of setbacks.

The government will likely revise the target to less than 300 billion rupees ($3.47 billion) from the initial 500 billion rupees, the newspaper said, citing people aware of the deliberations.

The government may set the target at about 450 billion rupees to 500 billion rupees for the next fiscal year, as it intends to conclude the IDBI Bank IDBI.NS transaction and step up its asset monetisation bid, the report said.

The Finance Ministry did not immediately respond to a Reuters' email seeking comment.

The Indian government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corp of India LIFI.NS which holds 49.24%, together plan to sell 60.7% of the lender. The sale process was first announced in 2022.

Prime Minister Narendra Modi's administration moved from the usual practise of setting a stake sale target in its budget presented last year.

Modi's ambition of privatising state-run firms has taken a back seat due to regulatory hurdles, complex decision-making, political considerations and valuation issues, but his government has delivered more stake sales than any previous administration.

The government has raised 86.25 billion rupees from disinvestments so far in this fiscal year.

The government will continue to reduce its stakes in some entities via the offer-for-sale route, the report added.

($1 = 86.5710 Indian rupees)

(Reporting by Siddhi Nayak; Editing by Kim Coghill)

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Jan 17 (Reuters) - IDBI Bank Ltd IDBI.NS:

• IDBI BANK - STRATEGIC DISINVESTMENT OF BANK IS IN PROCESS, ENTIRELY HANDLED BY DIPAM

Source text: [ID:]

Further company coverage: IDBI.NS

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