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CENTRALBK
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India seeks advisers for minority stake sales in state-run banks, financial firms
NEW DELHI, Feb 25 (Reuters) - India has invited bids to appoint merchant bankers and legal advisers to sell the government's minority shareholding in select public sector banks and financial companies.
The government is looking to undertake minority stake sales in state-run banks and financial firms through an offer for sale, according to a document published on Monday on the Department of Investment and Public Asset Management's website, which did not name the lenders.
The federal finance ministry is looking dilute minority shareholdings in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, Reuters reported in November.
The plan to lower the government’s stake in banks and financial companies is required to comply with public shareholding norms mandated by the markets regulator.
The Securities and Exchange Board of India requires companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.
The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank. It also owns an 80% stake in Bank of Maharashtra BMBK.NS.
In the past, public sector banks launched qualified institutional placements (QIP) to raise capital, which, in turn, reduced the government's stake in state-run banks.
Merchant bankers and legal advisers will be appointed for three years and are required to submit their bids by March 27, the document said.
India has ditched its ambitious privatisation plans and put on hold a majority stake sale in at least nine state-owned units after opposition from relevant ministries.
Instead, it is continuing with minority stake sales in state-run companies. As of February, the government mopped up 86.25 billion rupees ($993.2 million) via stake sales in the 2024-25 financial year.
($1 = 86.8420 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Sonia Cheema)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
NEW DELHI, Feb 25 (Reuters) - India has invited bids to appoint merchant bankers and legal advisers to sell the government's minority shareholding in select public sector banks and financial companies.
The government is looking to undertake minority stake sales in state-run banks and financial firms through an offer for sale, according to a document published on Monday on the Department of Investment and Public Asset Management's website, which did not name the lenders.
The federal finance ministry is looking dilute minority shareholdings in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, Reuters reported in November.
The plan to lower the government’s stake in banks and financial companies is required to comply with public shareholding norms mandated by the markets regulator.
The Securities and Exchange Board of India requires companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.
The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank. It also owns an 80% stake in Bank of Maharashtra BMBK.NS.
In the past, public sector banks launched qualified institutional placements (QIP) to raise capital, which, in turn, reduced the government's stake in state-run banks.
Merchant bankers and legal advisers will be appointed for three years and are required to submit their bids by March 27, the document said.
India has ditched its ambitious privatisation plans and put on hold a majority stake sale in at least nine state-owned units after opposition from relevant ministries.
Instead, it is continuing with minority stake sales in state-run companies. As of February, the government mopped up 86.25 billion rupees ($993.2 million) via stake sales in the 2024-25 financial year.
($1 = 86.8420 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Sonia Cheema)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Central Bank Of India Enters Co-Lending Partnership With Vastu Housing Finance
Feb 3 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA LTD - ENTERS CO-LENDING PARTNERSHIP WITH VASTU HOUSING FINANCE
Source text: ID:nBSE9PTT4C
Further company coverage: CBI.NS
(([email protected];;))
Feb 3 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA LTD - ENTERS CO-LENDING PARTNERSHIP WITH VASTU HOUSING FINANCE
Source text: ID:nBSE9PTT4C
Further company coverage: CBI.NS
(([email protected];;))
DIARY- India economic, corporate events on Jan 20
BENGALURU, Jan 20 (Reuters) - Diary of India economic, corporate events on Jan. 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
Key Speaker | Local Time | Location |
India Junior Finance Minister | 1500-1540 | Industry body PHDCCI event, New Delhi |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jan-2025 | NTS | IOBK.NS | Indian Overseas Bank | Q3 2025 Indian Overseas Bank Earnings Release |
20-Jan-2025 | NTS | CBI.NS | Central Bank of India Ltd | Q3 2025 Central Bank of India Ltd Earnings Release |
20-Jan-2025 | NTS | PAYT.NS | One 97 Communications Ltd | Q3 2025 One 97 Communications Ltd Earnings Release |
20-Jan-2025 | NTS | MCEI.NS | Multi Commodity Exchange of India Ltd | Q3 2025 Multi Commodity Exchange of India Ltd Earnings Release |
20-Jan-2025 | NTS | SUNT.NS | Sunteck Realty Ltd | Q3 2025 Sunteck Realty Ltd Earnings Release |
20-Jan-2025 | NTS | MRPL.NS | Mangalore Refinery and Petrochemicals Ltd | Q3 2025 Mangalore Refinery and Petrochemicals Ltd Earnings Release |
20-Jan-2025 | NTS | JKBK.NS | Jammu and Kashmir Bank Ltd | Q3 2025 Jammu and Kashmir Bank Ltd Earnings Release |
20-Jan-2025 | NTS | SUPI.NS | Supreme Industries Ltd | Q3 2025 Supreme Industries Ltd Earnings Release |
20-Jan-2025 | NTS | LTFL.NS | L&T Finance Ltd | Q3 2025 L&T Finance Ltd Earnings Release |
20-Jan-2025 | NTS | ZOMT.NS | Zomato Ltd | Q3 2025 Zomato Ltd Earnings Release |
20-Jan-2025 | NTS | APLA.NS | APL Apollo Tubes Ltd | Q3 2025 APL Apollo Tubes Ltd Earnings Release |
20-Jan-2025 | NTS | ICCI.NS | ICICI Securities Ltd | Q3 2025 ICICI Securities Ltd Earnings Release |
20-Jan-2025 | NTS | IDBI.NS | IDBI Bank Ltd | Q3 2025 IDBI Bank Ltd Earnings Release |
20-Jan-2025 | NTS | DIXO.NS | Dixon Technologies (India) Ltd | Q3 2025 Dixon Technologies (India) Ltd Earnings Release |
20-Jan-2025 | NTS | NEWG.NS | Newgen Software Technologies Ltd | Q3 2025 Newgen Software Technologies Ltd Earnings Release |
NTS - 'No time scheduled', AMC - 'After market close'
(Compiled by Bengaluru Newsroom)
BENGALURU, Jan 20 (Reuters) - Diary of India economic, corporate events on Jan. 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
Key Speaker | Local Time | Location |
India Junior Finance Minister | 1500-1540 | Industry body PHDCCI event, New Delhi |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jan-2025 | NTS | IOBK.NS | Indian Overseas Bank | Q3 2025 Indian Overseas Bank Earnings Release |
20-Jan-2025 | NTS | CBI.NS | Central Bank of India Ltd | Q3 2025 Central Bank of India Ltd Earnings Release |
20-Jan-2025 | NTS | PAYT.NS | One 97 Communications Ltd | Q3 2025 One 97 Communications Ltd Earnings Release |
20-Jan-2025 | NTS | MCEI.NS | Multi Commodity Exchange of India Ltd | Q3 2025 Multi Commodity Exchange of India Ltd Earnings Release |
20-Jan-2025 | NTS | SUNT.NS | Sunteck Realty Ltd | Q3 2025 Sunteck Realty Ltd Earnings Release |
20-Jan-2025 | NTS | MRPL.NS | Mangalore Refinery and Petrochemicals Ltd | Q3 2025 Mangalore Refinery and Petrochemicals Ltd Earnings Release |
20-Jan-2025 | NTS | JKBK.NS | Jammu and Kashmir Bank Ltd | Q3 2025 Jammu and Kashmir Bank Ltd Earnings Release |
20-Jan-2025 | NTS | SUPI.NS | Supreme Industries Ltd | Q3 2025 Supreme Industries Ltd Earnings Release |
20-Jan-2025 | NTS | LTFL.NS | L&T Finance Ltd | Q3 2025 L&T Finance Ltd Earnings Release |
20-Jan-2025 | NTS | ZOMT.NS | Zomato Ltd | Q3 2025 Zomato Ltd Earnings Release |
20-Jan-2025 | NTS | APLA.NS | APL Apollo Tubes Ltd | Q3 2025 APL Apollo Tubes Ltd Earnings Release |
20-Jan-2025 | NTS | ICCI.NS | ICICI Securities Ltd | Q3 2025 ICICI Securities Ltd Earnings Release |
20-Jan-2025 | NTS | IDBI.NS | IDBI Bank Ltd | Q3 2025 IDBI Bank Ltd Earnings Release |
20-Jan-2025 | NTS | DIXO.NS | Dixon Technologies (India) Ltd | Q3 2025 Dixon Technologies (India) Ltd Earnings Release |
20-Jan-2025 | NTS | NEWG.NS | Newgen Software Technologies Ltd | Q3 2025 Newgen Software Technologies Ltd Earnings Release |
NTS - 'No time scheduled', AMC - 'After market close'
(Compiled by Bengaluru Newsroom)
Vakrangee Partners With Central Bank Of India For Offering Banking Services On Pan India Basis
Dec 3 (Reuters) - Central Bank of India Ltd CBI.NS:
VAKRANGEE - PARTNERS WITH CENTRAL BANK OF INDIA FOR OFFERING BANKING SERVICES ON PAN INDIA BASIS
Source text: [ID:]
Further company coverage: CBI.NS
(([email protected];))
Dec 3 (Reuters) - Central Bank of India Ltd CBI.NS:
VAKRANGEE - PARTNERS WITH CENTRAL BANK OF INDIA FOR OFFERING BANKING SERVICES ON PAN INDIA BASIS
Source text: [ID:]
Further company coverage: CBI.NS
(([email protected];))
Central Bank of India soars on approval to enter insurance business
** Shares of Central Bank of India CBI.NS rise 8.1% to 56.5 rupees, set for highest one-day pct gain since June 4
** Stock top pct gainer on Nifty public sector bank index .NIFTYPSU, which is up 4.5%
** Co on Friday said the Reserve Bank of India approved lender's entry into insurance business
** CBI will ink joint venture with Generali Group for the business
** CBI up ~ 13% YTD vs 19% gain in public sector bank index
(Reporting by Sethuraman NR)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]/))
** Shares of Central Bank of India CBI.NS rise 8.1% to 56.5 rupees, set for highest one-day pct gain since June 4
** Stock top pct gainer on Nifty public sector bank index .NIFTYPSU, which is up 4.5%
** Co on Friday said the Reserve Bank of India approved lender's entry into insurance business
** CBI will ink joint venture with Generali Group for the business
** CBI up ~ 13% YTD vs 19% gain in public sector bank index
(Reporting by Sethuraman NR)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]/))
Central Bank Of India Says RBI Approved Bank's Entry In Insurance Business
Nov 22 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA - RBI APPROVED BANK'S ENTRY IN INSURANCE BUSINESS
CENTRAL BANK OF INDIA - ENTRY IN INSURANCE BUSINESS VIA JV WITH GENERALI GROUP
Further company coverage: CBI.NS
(([email protected];))
Nov 22 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA - RBI APPROVED BANK'S ENTRY IN INSURANCE BUSINESS
CENTRAL BANK OF INDIA - ENTRY IN INSURANCE BUSINESS VIA JV WITH GENERALI GROUP
Further company coverage: CBI.NS
(([email protected];))
India plans minority stake sale in four state-run banks, source says
Adds stock moves in paragraph 5
By Nikunj Ohri
NEW DELHI, Nov 19 (Reuters) - The Indian government is considering selling minority stakes in four state-run banks to comply with public shareholding norms mandated by the country's markets regulator, a government source told Reuters.
The finance ministry is likely to seek approval of the federal cabinet in the coming months to dilute the stake in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, the source said.
The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank as of end-September, according to data on the BSE's website.
The plan under consideration is to sell the stake through an offer for sale in the open market, the source said.
Shares of the banks rose between 3% and 4% following the report.
The Securities and Exchange Board of India (SEBI) requires listed companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.
The source did not comment on whether the government will be able to meet the regulator's deadline or whether it would seek a further extension.
The official said the timing and the quantum of the sale would be decided based on market conditions. The official did not want to be named as he is not authorised to speak to the media.
India's finance ministry did not immediately respond to a request for comment.
In the past, public sector banks have launched qualified institutional placements (QIP) to raise capital which has in turn lowered the government's stake in state-run banks.
Punjab National Bank raised 50 billion rupees through a QIP in September, while Bank of Maharashtra raised 35 billion rupees in October.
(Reporting by Nikunj Ohri; Editing by Varun H K)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Adds stock moves in paragraph 5
By Nikunj Ohri
NEW DELHI, Nov 19 (Reuters) - The Indian government is considering selling minority stakes in four state-run banks to comply with public shareholding norms mandated by the country's markets regulator, a government source told Reuters.
The finance ministry is likely to seek approval of the federal cabinet in the coming months to dilute the stake in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, the source said.
The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank as of end-September, according to data on the BSE's website.
The plan under consideration is to sell the stake through an offer for sale in the open market, the source said.
Shares of the banks rose between 3% and 4% following the report.
The Securities and Exchange Board of India (SEBI) requires listed companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.
The source did not comment on whether the government will be able to meet the regulator's deadline or whether it would seek a further extension.
The official said the timing and the quantum of the sale would be decided based on market conditions. The official did not want to be named as he is not authorised to speak to the media.
India's finance ministry did not immediately respond to a request for comment.
In the past, public sector banks have launched qualified institutional placements (QIP) to raise capital which has in turn lowered the government's stake in state-run banks.
Punjab National Bank raised 50 billion rupees through a QIP in September, while Bank of Maharashtra raised 35 billion rupees in October.
(Reporting by Nikunj Ohri; Editing by Varun H K)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Mos Utility Partners With Central Bank Of India
Nov 18 (Reuters) - Central Bank of India Ltd CBI.NS:
MOS UTILITY LTD - CO AND CENTRAL BANK OF INDIA PARTNER
Source text: [ID:]
Further company coverage: CBI.NS
(([email protected];;))
Nov 18 (Reuters) - Central Bank of India Ltd CBI.NS:
MOS UTILITY LTD - CO AND CENTRAL BANK OF INDIA PARTNER
Source text: [ID:]
Further company coverage: CBI.NS
(([email protected];;))
Central Bank Of India Q2 Net Profit At 9.13 Billion Rupees
Oct 17 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA Q2 NET PROFIT 9.13 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 GROSS NPA 4.59%
CENTRAL BANK OF INDIA Q2 INTEREST EARNED 82.03 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 PROVISIONS & CONTINGENCIES 5.98 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 PROVISIONS FOR NPA 3.41 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 NET NPA 0.69%
Source text for Eikon: ID:nBSE40rsD6
Further company coverage: CBI.NS
(([email protected];))
Oct 17 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA Q2 NET PROFIT 9.13 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 GROSS NPA 4.59%
CENTRAL BANK OF INDIA Q2 INTEREST EARNED 82.03 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 PROVISIONS & CONTINGENCIES 5.98 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 PROVISIONS FOR NPA 3.41 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 NET NPA 0.69%
Source text for Eikon: ID:nBSE40rsD6
Further company coverage: CBI.NS
(([email protected];))
India Competition Watchdog Approves 25.18% Stake Acquisition In Future Generali India Life Insurance By Central Bank Of India
Oct 15 (Reuters) -
India Competition Watchdog: APPROVES 24.91% STAKE ACQUISITION IN FUTURE GENERALI INDIA INSURANCE BY CENTRAL BANK OF INDIA
India Competition Watchdog: APPROVES 25.18% STAKE ACQUISITION IN FUTURE GENERALI INDIA LIFE INSURANCE BY CENTRAL BANK OF INDIA
Source text for Eikon: [ID:]
Further company coverage: CBI.NS
(([email protected];;))
Oct 15 (Reuters) -
India Competition Watchdog: APPROVES 24.91% STAKE ACQUISITION IN FUTURE GENERALI INDIA INSURANCE BY CENTRAL BANK OF INDIA
India Competition Watchdog: APPROVES 25.18% STAKE ACQUISITION IN FUTURE GENERALI INDIA LIFE INSURANCE BY CENTRAL BANK OF INDIA
Source text for Eikon: [ID:]
Further company coverage: CBI.NS
(([email protected];;))
Australia's Findi gains on contract extension with Central Bank of India
** Shares of financial technology provider Findi Ltd FND.AX rise 5% to A$5.0, set for best day since Sept. 25, if gains hold
** Co says its unit has secured a contract from the Central Bank of India for deployment of an additional 638 ATMs
** Findi estimates full deployment of ATMs will result in an additional A$5-6 mln ($3.44 million-$4.13 million) of annual revenue and A$2-2.5 mln of annual EBITDA
** FND shares have more than quadrupled YTD
($1 = 1.4539 Australian dollars)
(Reporting by Ayushman Ojha in Bengaluru)
(([email protected];))
** Shares of financial technology provider Findi Ltd FND.AX rise 5% to A$5.0, set for best day since Sept. 25, if gains hold
** Co says its unit has secured a contract from the Central Bank of India for deployment of an additional 638 ATMs
** Findi estimates full deployment of ATMs will result in an additional A$5-6 mln ($3.44 million-$4.13 million) of annual revenue and A$2-2.5 mln of annual EBITDA
** FND shares have more than quadrupled YTD
($1 = 1.4539 Australian dollars)
(Reporting by Ayushman Ojha in Bengaluru)
(([email protected];))
Central Bank Of India Declared Successful Bidder To Buy Future Enterprises Stake In Two Insurance Ventures
Aug 21 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA - DECLARED SUCCESSFUL BIDDER TO BUY FUTURE ENTERPRISES STAKE IN TWO INSURANCE VENTURES
CENTRAL BANK OF INDIA - FUTURE ENTERPRISES' CREDITORS APPROVED CO'S BID FOR 33% STAKE IN FUTURE GENERALI LIFE INSURANCE
CENTRAL BANK OF INDIA - FUTURE ENTERPRISES' CREDITORS APPROVED CO'S BID FOR 25% STAKE IN FUTURE GENERALI INDIA INSURANCE
Source text for Eikon: ID:nBSE9fHkxN
Further company coverage: CBI.NS
(([email protected];))
Aug 21 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA - DECLARED SUCCESSFUL BIDDER TO BUY FUTURE ENTERPRISES STAKE IN TWO INSURANCE VENTURES
CENTRAL BANK OF INDIA - FUTURE ENTERPRISES' CREDITORS APPROVED CO'S BID FOR 33% STAKE IN FUTURE GENERALI LIFE INSURANCE
CENTRAL BANK OF INDIA - FUTURE ENTERPRISES' CREDITORS APPROVED CO'S BID FOR 25% STAKE IN FUTURE GENERALI INDIA INSURANCE
Source text for Eikon: ID:nBSE9fHkxN
Further company coverage: CBI.NS
(([email protected];))
Lenders to India's Go First vote for liquidating airline, sources say
By Siddhi Nayak
MUMBAI, Aug 5 (Reuters) - Lenders to India's Go First have decided to liquidate the company's assets after rejecting bids by interested suitors to revive the bankrupt airline, two banking sources said.
Go First, which filed for bankruptcy in May last year, had received two financial bids under the bankruptcy process.
The Committee of Creditors has voted in favour of liquidating the airline, the bankers said.
Liquidation "is the best way forward" and "it makes no sense to keep pumping in more money" to cover costs related to the insolvency process, one of the bankers said.
Emails seeking comments to Go First's resolution professional, who conducts the bankruptcy process, did not immediately get a response.
The bankers did not wish to be identified because they were not authorised to speak with the media.
Reuters had earlier reported that one of the two bidders had raised its offer after a push by lenders.
"Bidders were given adequate time to review and raise their bids, but even that fell short of lenders' expectations," the first banker said.
The liquidation process will commence once all legal formalities are completed, the second banker said.
Go First 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 lessors to take back their planes.
"The court order was a major deterrent for bidders as there was no value left in the airline," the second banker said.
($1 = 83.4810 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Muralikumar Anantharaman)
(([email protected]; +91 22 6921 7848; X: https://twitter.com/siddhiVnayak))
By Siddhi Nayak
MUMBAI, Aug 5 (Reuters) - Lenders to India's Go First have decided to liquidate the company's assets after rejecting bids by interested suitors to revive the bankrupt airline, two banking sources said.
Go First, which filed for bankruptcy in May last year, had received two financial bids under the bankruptcy process.
The Committee of Creditors has voted in favour of liquidating the airline, the bankers said.
Liquidation "is the best way forward" and "it makes no sense to keep pumping in more money" to cover costs related to the insolvency process, one of the bankers said.
Emails seeking comments to Go First's resolution professional, who conducts the bankruptcy process, did not immediately get a response.
The bankers did not wish to be identified because they were not authorised to speak with the media.
Reuters had earlier reported that one of the two bidders had raised its offer after a push by lenders.
"Bidders were given adequate time to review and raise their bids, but even that fell short of lenders' expectations," the first banker said.
The liquidation process will commence once all legal formalities are completed, the second banker said.
Go First 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 lessors to take back their planes.
"The court order was a major deterrent for bidders as there was no value left in the airline," the second banker said.
($1 = 83.4810 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Muralikumar Anantharaman)
(([email protected]; +91 22 6921 7848; X: https://twitter.com/siddhiVnayak))
Central Bank Of India Q1 Net Profit At 8.8 Billion Rupees
July 18 (Reuters) - Central Bank of India Ltd CBI.NS:
JUNE-QUARTER NET PROFIT 8.8 BILLION RUPEES
Q1 GROSS NPA 4.54%
Q1 INTEREST EARNED 83.35 BILLION RUPEES
Q1 PROVISIONS & CONTINGENCIES 11.91 BILLION RUPEES
Q1 PROVISIONS FOR NPA 13.22 BILLION RUPEES
Q1 NET NPA 0.73%
Further company coverage: CBI.NS
(([email protected];))
July 18 (Reuters) - Central Bank of India Ltd CBI.NS:
JUNE-QUARTER NET PROFIT 8.8 BILLION RUPEES
Q1 GROSS NPA 4.54%
Q1 INTEREST EARNED 83.35 BILLION RUPEES
Q1 PROVISIONS & CONTINGENCIES 11.91 BILLION RUPEES
Q1 PROVISIONS FOR NPA 13.22 BILLION RUPEES
Q1 NET NPA 0.73%
Further company coverage: CBI.NS
(([email protected];))
Central Bank Of India Entered Into A Co-Lending Partnership With Arka Fincap
July 12 (Reuters) - Central Bank of India Ltd CBI.NS:
ENTERED INTO A CO-LENDING PARTNERSHIP WITH ARKA FINCAP
PARTNERSHIP WITH ARKA FINCAP TO OFFER MSME LOANS
Source text for Eikon: ID:nBSE90ShKd
Further company coverage: CBI.NS
(([email protected];))
July 12 (Reuters) - Central Bank of India Ltd CBI.NS:
ENTERED INTO A CO-LENDING PARTNERSHIP WITH ARKA FINCAP
PARTNERSHIP WITH ARKA FINCAP TO OFFER MSME LOANS
Source text for Eikon: ID:nBSE90ShKd
Further company coverage: CBI.NS
(([email protected];))
Central Bank Of India Has Initiated/Taken Necessary Corrective Measures Over RBI Directions
June 14 (Reuters) - Central Bank of India Ltd CBI.NS:
BANK HAS INITIATED/TAKEN NECESSARY CORRECTIVE MEASURES OVER RBI DIRECTIONS
Further company coverage: CBI.NS
(([email protected];))
June 14 (Reuters) - Central Bank of India Ltd CBI.NS:
BANK HAS INITIATED/TAKEN NECESSARY CORRECTIVE MEASURES OVER RBI DIRECTIONS
Further company coverage: CBI.NS
(([email protected];))
Central Bank Of India Q4 Net Profit Rises
April 30 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA Q4 NET PROFIT 8.07 BILLION RUPEES VERSUS PROFIT 5.71 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 GROSS NPA 4.50% VERSUS 4.50% PREV QUARTER
CENTRAL BANK OF INDIA Q4 INTEREST EARNED 83.37 BILLION RUPEES VERSUS 71.44 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 PROVISIONS & CONTINGENCIES 7.07 BILLION RUPEES VERSUS 12.05 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 PROVISIONS FOR NPA 5.09 BILLION RUPEES VERSUS 7.89 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 NET NPA 1.23% VERSUS 1.27% PREV QUARTER
CENTRAL BANK OF INDIA LTD - APPROVED RAISING OF CAPITAL AGGREGATING UPTO 50 BILLION RUPEES DURING FY 2024-25
Source text for Eikon: ID:nBSE2KKKF1
Further company coverage: CBI.NS
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April 30 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA Q4 NET PROFIT 8.07 BILLION RUPEES VERSUS PROFIT 5.71 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 GROSS NPA 4.50% VERSUS 4.50% PREV QUARTER
CENTRAL BANK OF INDIA Q4 INTEREST EARNED 83.37 BILLION RUPEES VERSUS 71.44 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 PROVISIONS & CONTINGENCIES 7.07 BILLION RUPEES VERSUS 12.05 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 PROVISIONS FOR NPA 5.09 BILLION RUPEES VERSUS 7.89 BILLION RUPEES
CENTRAL BANK OF INDIA Q4 NET NPA 1.23% VERSUS 1.27% PREV QUARTER
CENTRAL BANK OF INDIA LTD - APPROVED RAISING OF CAPITAL AGGREGATING UPTO 50 BILLION RUPEES DURING FY 2024-25
Source text for Eikon: ID:nBSE2KKKF1
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Central Bank Of India To Consider Fund Raising
April 25 (Reuters) - Central Bank of India Ltd CBI.NS:
TO CONSIDER FUND RAISING
Further company coverage: CBI.NS
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April 25 (Reuters) - Central Bank of India Ltd CBI.NS:
TO CONSIDER FUND RAISING
Further company coverage: CBI.NS
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Central Bank Of India Enters Into Distributorship Agreement With Aditya Birla Sun Life Amc
April 19 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA - ENTERED INTO DISTRIBUTORSHIP AGREEMENT WITH ADITYA BIRLA SUN LIFE AMC
Source text for Eikon: [ID:]
Further company coverage: CBI.NS
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April 19 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA - ENTERED INTO DISTRIBUTORSHIP AGREEMENT WITH ADITYA BIRLA SUN LIFE AMC
Source text for Eikon: [ID:]
Further company coverage: CBI.NS
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Indian airline Go First's bidder ups bid following banks' nudge, say sources
By Siddhi Nayak
MUMBAI, March 19 (Reuters) - One of the two bidders for bankrupt Indian airline Go First has raised its offer following a nudge from lenders, two banking sources and a person aware of the development said on Tuesday.
The consortium, which includes budget carrier SpiceJet's SPJT.BO managing director Ajay Singh and Busy Bee Airways, increased the bid amount between 1 billion rupees ($12.06 million) and 1.5 billion rupees, one of the sources said. The original bid amount stood at 16 billion rupees.
The sources did not wish to be identified as they were not authorised to speak to the media.
Emails seeking comments from Reuters to Go First's resolution professional, who conducts the bankruptcy process, Singh, Spicejet and Busy Bee majority shareholder Nishant Pitti did not immediately get a response.
Pitti is the CEO of online travel platform EaseMyTrip EASM.NS.
Go First, which filed for bankruptcy in May last year, received two financial bids as part of its bankruptcy process, the second being Sharjah-based Sky One Airways, Reuters had reported.
"The bid amount in both the offers was far below the expectations of the Committee of Creditors (CoC) and would involve a deep haircut, which is why both the bidders were asked to revise their offer upwards," a banker with a state-run bank that has exposure to Go First said.
Its bankruptcy filing lists Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE among creditors to which it owes a total of 65.21 billion rupees.
The CoC, through the resolution professional, are in talks with Sky One, the banker added. Sky One Airways did not immediately respond to a request for comment.
Singh and Busy Bee's joint bid will be discussed in the next CoC meeting that is likely to be held early next week, the second banker said.
Lenders are expected to revert to the bidders by March 28, this banker added.
($1 = 82.9350 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Janane Venkatraman )
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
By Siddhi Nayak
MUMBAI, March 19 (Reuters) - One of the two bidders for bankrupt Indian airline Go First has raised its offer following a nudge from lenders, two banking sources and a person aware of the development said on Tuesday.
The consortium, which includes budget carrier SpiceJet's SPJT.BO managing director Ajay Singh and Busy Bee Airways, increased the bid amount between 1 billion rupees ($12.06 million) and 1.5 billion rupees, one of the sources said. The original bid amount stood at 16 billion rupees.
The sources did not wish to be identified as they were not authorised to speak to the media.
Emails seeking comments from Reuters to Go First's resolution professional, who conducts the bankruptcy process, Singh, Spicejet and Busy Bee majority shareholder Nishant Pitti did not immediately get a response.
Pitti is the CEO of online travel platform EaseMyTrip EASM.NS.
Go First, which filed for bankruptcy in May last year, received two financial bids as part of its bankruptcy process, the second being Sharjah-based Sky One Airways, Reuters had reported.
"The bid amount in both the offers was far below the expectations of the Committee of Creditors (CoC) and would involve a deep haircut, which is why both the bidders were asked to revise their offer upwards," a banker with a state-run bank that has exposure to Go First said.
Its bankruptcy filing lists Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE among creditors to which it owes a total of 65.21 billion rupees.
The CoC, through the resolution professional, are in talks with Sky One, the banker added. Sky One Airways did not immediately respond to a request for comment.
Singh and Busy Bee's joint bid will be discussed in the next CoC meeting that is likely to be held early next week, the second banker said.
Lenders are expected to revert to the bidders by March 28, this banker added.
($1 = 82.9350 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Janane Venkatraman )
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
Central Bank of India up after Q3 profit surge
** Shares of Central Bank of India CBI.NS shares up 1.3%
** Lender reports 57% jump in Q3 profit
** Stock 2nd-biggest gainer on Nifty PSU Bank index .NIFTYPSU
** Stock gained for third straight year in 2023, with its 56% climb and outpacing PSU index's 32% rise
(Reporting by Varun Vyas in Bengaluru)
** Shares of Central Bank of India CBI.NS shares up 1.3%
** Lender reports 57% jump in Q3 profit
** Stock 2nd-biggest gainer on Nifty PSU Bank index .NIFTYPSU
** Stock gained for third straight year in 2023, with its 56% climb and outpacing PSU index's 32% rise
(Reporting by Varun Vyas in Bengaluru)
India airline Go First's lenders seek investor bids by Jan 31 -sources
By Siddhi Nayak
MUMBAI, Jan 14 (Reuters) - Lenders to India's Go First have set Jan. 31 as the deadline for financial bids to acquire the airline, two banking sources said on Sunday.
Go First filed for bankruptcy protection in May but lenders have more recently been considering liquidating the airline after failing to secure new investors.
"Banks have decided to give the resolution process another go and allow those suitors who have shown prior interest a chance to submit a concrete bid," said a banker with a state-run bank that has exposure to Go First.
Indian carrier SpiceJet SPJT.NS said last month that it was considering an offer for Go First after conducting due diligence.
Sharjah, UAE-based Sky One, Africa-focused Safrik Investments and U.S.-based NS Aviation have also shown interest in Go First, the two sources said.
Sky One, Safrik Investments and NS Aviation did not immediately respond to requests for comment.
The second banker said the Committee of Creditors could also consider extending the month-end deadline at the request of a potential suitor.
Neither of the sources wished to be identified as they are not authorised to speak to the media.
Go First's resolution professional, who conducts the insolvency process, did not immediately respond to a request for comment.
Go First's bankruptcy filing lists Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE among creditors to which the carrier owes a total of 65.21 billion rupees ($784.38 million). ($1 = 83.1360 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Kirsten Donovan)
(([email protected]; twitter.com/swatibhat22; Reuters Messaging: [email protected]))
By Siddhi Nayak
MUMBAI, Jan 14 (Reuters) - Lenders to India's Go First have set Jan. 31 as the deadline for financial bids to acquire the airline, two banking sources said on Sunday.
Go First filed for bankruptcy protection in May but lenders have more recently been considering liquidating the airline after failing to secure new investors.
"Banks have decided to give the resolution process another go and allow those suitors who have shown prior interest a chance to submit a concrete bid," said a banker with a state-run bank that has exposure to Go First.
Indian carrier SpiceJet SPJT.NS said last month that it was considering an offer for Go First after conducting due diligence.
Sharjah, UAE-based Sky One, Africa-focused Safrik Investments and U.S.-based NS Aviation have also shown interest in Go First, the two sources said.
Sky One, Safrik Investments and NS Aviation did not immediately respond to requests for comment.
The second banker said the Committee of Creditors could also consider extending the month-end deadline at the request of a potential suitor.
Neither of the sources wished to be identified as they are not authorised to speak to the media.
Go First's resolution professional, who conducts the insolvency process, did not immediately respond to a request for comment.
Go First's bankruptcy filing lists Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE among creditors to which the carrier owes a total of 65.21 billion rupees ($784.38 million). ($1 = 83.1360 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Kirsten Donovan)
(([email protected]; twitter.com/swatibhat22; Reuters Messaging: [email protected]))
Central Bank Of India Says Provisional Dec Qtr Total Deposits Up 9.52% Y/Y
Jan 4 (Reuters) - Central Bank of India Ltd CBI.NS:
AS OF DEC 31 PROVISIONAL TOTAL DEPOSITS UP 9.52% Y/Y
PROVISIONAL GROSS ADVANCES FOR DEC QTR UP 14.91% Y/Y
Further company coverage: CBI.NS
(([email protected];))
Jan 4 (Reuters) - Central Bank of India Ltd CBI.NS:
AS OF DEC 31 PROVISIONAL TOTAL DEPOSITS UP 9.52% Y/Y
PROVISIONAL GROSS ADVANCES FOR DEC QTR UP 14.91% Y/Y
Further company coverage: CBI.NS
(([email protected];))
Central Bank Of India Enters Into Strategic Co-Lending Partnership With Kisetsu Saison Finance (India)
Dec 28 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA LTD - ENTERED INTO A STRATEGIC CO-LENDING PARTNERSHIP WITH KISETSU SAISON FINANCE (INDIA)
CENTRAL BANK OF INDIA LTD - CO-LENDING PARTNERSHIP TO OFFER MSME LOANS AT COMPETITIVE RATES
Source text for Eikon: ID:nBSE13pQsQ
Further company coverage: CBI.NS
(([email protected];;))
Dec 28 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA LTD - ENTERED INTO A STRATEGIC CO-LENDING PARTNERSHIP WITH KISETSU SAISON FINANCE (INDIA)
CENTRAL BANK OF INDIA LTD - CO-LENDING PARTNERSHIP TO OFFER MSME LOANS AT COMPETITIVE RATES
Source text for Eikon: ID:nBSE13pQsQ
Further company coverage: CBI.NS
(([email protected];;))
India's Go First lenders to vote on liquidation amid lack of suitors -sources
Adds source quote in paragraphs 10-11, creditors in paras 7-8, other details and background from para 5
By Siddhi Nayak
MUMBAI, Nov 23 (Reuters) - Go First's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources told Reuters on Thursday, days after a deadline to bid for the company ended with no suitors.
"The proposal whether or not to liquidate the airline has been floated and individual lenders will take the proposal to their boards and submit final votes in 10-15 days," said a banker with a state-run bank that has exposure to Go First.
"It appears that there is no interest from suitors for the airline and bankers are inclined to opt for liquidation rather than restarting the insolvency process."
The Committee of Creditors met on Wednesday and Thursday to decide the future course of action for the airline.
Neither of the bankers wished to be named because they were not authorised to speak to the media.
Go First's resolution professional, who is conducting the insolvency process, did not immediately reply to an email seeking comment.
Go First, which filed for bankruptcy protection in May, owes a total of 65.21 billion rupees ($785.6 million) to its creditors.
Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE are among the airline's creditors.
Jindal Power, the sole company whose expression of interest to take over Go First was accepted by creditors, also decided to not follow through with a bid, Reuters reported.
"Liquidation is the only viable option before banks as legal troubles are deterring suitors," said the second banker.
"Since there is (land) collateral backing the loan, it is better to opt for liquidation rather than spending more money on the insolvency process."
Go First is also locked in a legal tussle with its lessors after a moratorium imposed by Indian courts blocked them from repossessing planes.
A recent amendment to India's insolvency rules allows lessors to take back the planes, but a court has yet to determine whether this change can be applied retrospectively to Go First.
(Reporting by Siddhi Nayak; Editing by Susan Fenton, Kirsten Donovan)
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
Adds source quote in paragraphs 10-11, creditors in paras 7-8, other details and background from para 5
By Siddhi Nayak
MUMBAI, Nov 23 (Reuters) - Go First's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources told Reuters on Thursday, days after a deadline to bid for the company ended with no suitors.
"The proposal whether or not to liquidate the airline has been floated and individual lenders will take the proposal to their boards and submit final votes in 10-15 days," said a banker with a state-run bank that has exposure to Go First.
"It appears that there is no interest from suitors for the airline and bankers are inclined to opt for liquidation rather than restarting the insolvency process."
The Committee of Creditors met on Wednesday and Thursday to decide the future course of action for the airline.
Neither of the bankers wished to be named because they were not authorised to speak to the media.
Go First's resolution professional, who is conducting the insolvency process, did not immediately reply to an email seeking comment.
Go First, which filed for bankruptcy protection in May, owes a total of 65.21 billion rupees ($785.6 million) to its creditors.
Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE are among the airline's creditors.
Jindal Power, the sole company whose expression of interest to take over Go First was accepted by creditors, also decided to not follow through with a bid, Reuters reported.
"Liquidation is the only viable option before banks as legal troubles are deterring suitors," said the second banker.
"Since there is (land) collateral backing the loan, it is better to opt for liquidation rather than spending more money on the insolvency process."
Go First is also locked in a legal tussle with its lessors after a moratorium imposed by Indian courts blocked them from repossessing planes.
A recent amendment to India's insolvency rules allows lessors to take back the planes, but a court has yet to determine whether this change can be applied retrospectively to Go First.
(Reporting by Siddhi Nayak; Editing by Susan Fenton, Kirsten Donovan)
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
EXCLUSIVE-India's Jindal Power will not bid to take over airline Go First -sources
By Siddhi Nayak and Sarita Chaganti Singh
MUMBAI, Nov 21 (Reuters) - India's Jindal Power Ltd, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation.
The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements.
While the deadline can be extended via an application to the courts, creditors are currently not inclined to do so, two banking sources said.
"The EoI was largely to check the valuation of the airline and get access to the company's data," said one of the sources. "After evaluation, the company has decided not to put in a bid."
The sources declined to be identified as they were not authorised to speak to the media.
Jindal Power and Go First's resolution professional did not reply to emails seeking comment.
Go First filed for voluntary insolvency in May and owes a total of 65.21 billion rupees ($785.6 million) to its creditors.
Bankers had pinned their hopes on Jindal's interest, said a banker at a lender that has exposure to Go First.
"But it looks like that hasn't materialised," the banker added, declining to be named as he was not authorised to speak to the media.
The Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE are among the top creditors to the airline.
The Committee of Creditors will meet on Wednesday to decide the future course of action, said another banker. He also declined to be named as he was not authorised to speak to the media.
Both bankers said the liquidation of the airline was now the most likely option as there were no serious bidders.
Banks are already evaluating a property that is held as collateral with lenders in case of liquidation, one of the bankers said.
Go First is currently locked in a legal tussle with its lessors after they were blocked from repossessing planes due to a moratorium imposed by Indian courts.
A recent amendment to India's insolvency rules allows lessors to take back the planes, but a court has yet to determine whether this change can be applied retrospectively to Go First.
(Reporting by Siddhi Nayak in Mumbai and Sarita Chaganti Singh in Delhi; editing by Miral Fahmy)
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
By Siddhi Nayak and Sarita Chaganti Singh
MUMBAI, Nov 21 (Reuters) - India's Jindal Power Ltd, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation.
The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements.
While the deadline can be extended via an application to the courts, creditors are currently not inclined to do so, two banking sources said.
"The EoI was largely to check the valuation of the airline and get access to the company's data," said one of the sources. "After evaluation, the company has decided not to put in a bid."
The sources declined to be identified as they were not authorised to speak to the media.
Jindal Power and Go First's resolution professional did not reply to emails seeking comment.
Go First filed for voluntary insolvency in May and owes a total of 65.21 billion rupees ($785.6 million) to its creditors.
Bankers had pinned their hopes on Jindal's interest, said a banker at a lender that has exposure to Go First.
"But it looks like that hasn't materialised," the banker added, declining to be named as he was not authorised to speak to the media.
The Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE are among the top creditors to the airline.
The Committee of Creditors will meet on Wednesday to decide the future course of action, said another banker. He also declined to be named as he was not authorised to speak to the media.
Both bankers said the liquidation of the airline was now the most likely option as there were no serious bidders.
Banks are already evaluating a property that is held as collateral with lenders in case of liquidation, one of the bankers said.
Go First is currently locked in a legal tussle with its lessors after they were blocked from repossessing planes due to a moratorium imposed by Indian courts.
A recent amendment to India's insolvency rules allows lessors to take back the planes, but a court has yet to determine whether this change can be applied retrospectively to Go First.
(Reporting by Siddhi Nayak in Mumbai and Sarita Chaganti Singh in Delhi; editing by Miral Fahmy)
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
India's Go First lenders to challenge move that could let lessors reclaim planes - sources
By Siddhi Nayak
MUMBAI, Nov 9 (Reuters) - Lenders of grounded Indian airline Go First plan to legally challenge the aviation watchdog's interpretation to retrospectively apply changes to bankruptcy law that could allow lessors to reclaim planes, according to four people with direct knowledge.
India last month tweaked its laws to exclude leased aircraft from assets that are frozen during bankruptcy proceedings.
With lessors of Go First up in arms about not managing to get their planes back, the Directorate General of Civil Aviation, in a court filing, said the law changes will apply restrospectively, indicating relief for the lessors.
But lenders of Go, to whom the airline owes $783 million, fear the value of the grounded airline will deteriorate further if planes are released, diminishing interest from potential bidders and putting recovery of their funds at risk, the sources said.
They plan to tell a Delhi High Court judge the bankruptcy law changes should apply prospectively, not retrospectively, since Go was already under bankruptcy protection when the law was amended, the sources said.
"Without the planes, the value of the airline will deteriorate. The amended law seems to have deterred bidders already," said one banker at a state-run bank with exposure to the airline.
The Delhi court is set to hear the ongoing dispute between lessors and Go First next on Friday.
The lenders' plea, if allowed by court, would be a setback for lessors and mean more than 50 Airbus planes of Go First would continue to be grounded in India.
Dubai Aerospace Enterprise Capital and ACG Aircraft Leasing told the court previously that some of their plane parts had allegedly gone missing and that some jets were corroding.
The Go First bankruptcy filing lists Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE among its lenders
Last month, Reuters reported that Go First received an expression of interest from Jindal Power. The last day to submit bids for the airline is Nov. 21, the four sources said.
(Reporting by Siddhi Nayak
Editing by Aditya Kalra and Mark Potter)
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
By Siddhi Nayak
MUMBAI, Nov 9 (Reuters) - Lenders of grounded Indian airline Go First plan to legally challenge the aviation watchdog's interpretation to retrospectively apply changes to bankruptcy law that could allow lessors to reclaim planes, according to four people with direct knowledge.
India last month tweaked its laws to exclude leased aircraft from assets that are frozen during bankruptcy proceedings.
With lessors of Go First up in arms about not managing to get their planes back, the Directorate General of Civil Aviation, in a court filing, said the law changes will apply restrospectively, indicating relief for the lessors.
But lenders of Go, to whom the airline owes $783 million, fear the value of the grounded airline will deteriorate further if planes are released, diminishing interest from potential bidders and putting recovery of their funds at risk, the sources said.
They plan to tell a Delhi High Court judge the bankruptcy law changes should apply prospectively, not retrospectively, since Go was already under bankruptcy protection when the law was amended, the sources said.
"Without the planes, the value of the airline will deteriorate. The amended law seems to have deterred bidders already," said one banker at a state-run bank with exposure to the airline.
The Delhi court is set to hear the ongoing dispute between lessors and Go First next on Friday.
The lenders' plea, if allowed by court, would be a setback for lessors and mean more than 50 Airbus planes of Go First would continue to be grounded in India.
Dubai Aerospace Enterprise Capital and ACG Aircraft Leasing told the court previously that some of their plane parts had allegedly gone missing and that some jets were corroding.
The Go First bankruptcy filing lists Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE among its lenders
Last month, Reuters reported that Go First received an expression of interest from Jindal Power. The last day to submit bids for the airline is Nov. 21, the four sources said.
(Reporting by Siddhi Nayak
Editing by Aditya Kalra and Mark Potter)
(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))
Central Bank Of India Says Government Of India Extended Term Of Office Of M V Rao As MD & CEO Of Co
Nov 6 (Reuters) - Central Bank of India Ltd CBI.NS:
GOVERNMENT OF INDIA EXTENDED TERM OF OFFICE OF M V RAO AS MD & CEO OF CO
Source text for Eikon: ID:nBSEbfqSql
Further company coverage: CBI.NS
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Nov 6 (Reuters) - Central Bank of India Ltd CBI.NS:
GOVERNMENT OF INDIA EXTENDED TERM OF OFFICE OF M V RAO AS MD & CEO OF CO
Source text for Eikon: ID:nBSEbfqSql
Further company coverage: CBI.NS
(([email protected];))
Central Bank Of India Q2 Net Profit 6.05 Billion Rupees
Oct 20 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA Q2 NET PROFIT 6.05 BILLION RUPEES VERSUS PROFIT 3.18 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 INTEREST EARNED 73.51 BILLION RUPEES VERSUS 61.55 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 GROSS NPA 4.62% VERSUS 4.95% PREV QUARTER
CENTRAL BANK OF INDIA Q2 NET NPA 1.64% VERSUS 1.75% PREV QUARTER
CENTRAL BANK OF INDIA Q2 PROVISIONS & CONTINGENCIES 9.67 BILLION RUPEES VERSUS 11.25 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 PROVISIONS FOR NPA 19.29 BILLION RUPEES VERSUS 10.7 BILLION RUPEES
Source text for Eikon: ID:nBSE8MHmW7
Further company coverage: CBI.NS
(([email protected];))
Oct 20 (Reuters) - Central Bank of India Ltd CBI.NS:
CENTRAL BANK OF INDIA Q2 NET PROFIT 6.05 BILLION RUPEES VERSUS PROFIT 3.18 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 INTEREST EARNED 73.51 BILLION RUPEES VERSUS 61.55 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 GROSS NPA 4.62% VERSUS 4.95% PREV QUARTER
CENTRAL BANK OF INDIA Q2 NET NPA 1.64% VERSUS 1.75% PREV QUARTER
CENTRAL BANK OF INDIA Q2 PROVISIONS & CONTINGENCIES 9.67 BILLION RUPEES VERSUS 11.25 BILLION RUPEES
CENTRAL BANK OF INDIA Q2 PROVISIONS FOR NPA 19.29 BILLION RUPEES VERSUS 10.7 BILLION RUPEES
Source text for Eikon: ID:nBSE8MHmW7
Further company coverage: CBI.NS
(([email protected];))
Central Bank Of India Entered Into Strategic Co-Lending Partnership With Capri Global Capital
Oct 19 (Reuters) - Central Bank of India Ltd CBI.NS:
ENTERED INTO STRATEGIC CO-LENDING PARTNERSHIP WITH CAPRI GLOBAL CAPITAL
Source text for Eikon: ID:nBSE1GmgLY
Further company coverage: CBI.NS
(([email protected];))
Oct 19 (Reuters) - Central Bank of India Ltd CBI.NS:
ENTERED INTO STRATEGIC CO-LENDING PARTNERSHIP WITH CAPRI GLOBAL CAPITAL
Source text for Eikon: ID:nBSE1GmgLY
Further company coverage: CBI.NS
(([email protected];))
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What does CentralBank of India do?
Central Bank of India is the first Indian commercial bank fully owned and managed by Indians. It offers a wide range of products and services for individuals, NRIs, and corporates, including savings accounts, loans, credit cards, and money transfer facilities.
Who are the competitors of CentralBank of India?
CentralBank of India major competitors are Bank of Maharashtra, UCO Bank, Punjab & Sind Bank, Bank Of India, Indian Overseas Bank, Indian Bank, Canara Bank. Market Cap of CentralBank of India is ₹32,802 Crs. While the median market cap of its peers are ₹53,335 Crs.
Is CentralBank of India financially stable compared to its competitors?
CentralBank of India seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does CentralBank of India pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. CentralBank of India latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has CentralBank of India allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is CentralBank of India balance sheet?
Latest balance sheet of CentralBank of India is weak, and historically as well.
Is the profitablity of CentralBank of India improving?
Yes, profit is increasing. The profit of CentralBank of India is ₹3,588 Crs for TTM, ₹2,668 Crs for Mar 2024 and ₹1,679 Crs for Mar 2023.
Is CentralBank of India stock expensive?
CentralBank of India is expensive when considering the Price to Book, however latest PE is < 3 yr avg PE. Latest PE of CentralBank of India is 9.0 while 3 year average PE is 11.04. Also latest Price to Book of CentralBank of India is 0.96 while 3yr average is 0.95.
Has the share price of CentralBank of India grown faster than its competition?
CentralBank of India has given lower returns compared to its competitors. CentralBank of India has grown at ~-9.83% over the last 10yrs while peers have grown at a median rate of -1.79%
Is the promoter bullish about CentralBank of India?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in CentralBank of India is 89.27% and last quarter promoter holding is 93.08%
Are mutual funds buying/selling CentralBank of India?
The mutual fund holding of CentralBank of India is increasing. The current mutual fund holding in CentralBank of India is 0.22% while previous quarter holding is 0.13%.