Category: IDBI Bank

Bhopal (Madhya Pradesh): The new branch of Industrial Development Bank of India (IDBI) has opened in Dabra, Gwalior. CGM and Zonal Head, Bhopal Zone Aashutosh Kumar inaugurated it.
GM, DZH, Sanjay S Kumar, Hemant Kumar Mamoriya, Regional Head, Gwalior, Branch Head of Dabra and other staff members were present. CGM, Zonal Head, Bhopal Zone, Aashutosh Kumar addressed the branch staff wherein he appraised and acknowledged the hard work and perseverance of bank officials in setting up new branch.
He also took assurance from all staff members to take the newly formed regional office to new heights. Published on: Sunday, November 05, 2023, 12:49 AM IST

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Source: https://www.freepressjournal.in/amp/bhopal/bhopal-idbi-opens-branch-in-dabra

IDBI Bank Limited has challenged the National Company Law Tribunal (NCLT) order, which approved the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment, earlier known as Sony Pictures Network India.The company law tribunal last month had given its nod to the merger proposal of ZEE with Culver Max. The merger scheme was approved by 99.97% of ZEE shareholders, and also by other regulators like the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and Competition Commission of India (CCI).ZEEL, in a stock exchange filing, today says: “The company has been served with an appeal on behalf of IDBI Bank Limited against the Company before the NCLAT, Delhi,…
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Source: https://www.fortuneindia.com/amp/story/enterprise%2Fidbi-bank-challenges-nclt-order-on-zee-sony-merger%2F114002

According to persons with knowledge of the bank, IDBI Bank has engaged EY India as the process adviser to locate purchasers for its portfolio of Rs 4,000 crore in distressed debt, which is housed under the Stressed Assets Stabilisation Fund (SASF). According to the persons, EY has been ordered by the bank to finish the deal within six and a half months.Twenty years ago, when the term-lending organisation IDBI Ltd. amalgamated with its subsidiary IDBI Bank to become a commercial bank, a special-purpose vehicle known as SASF was established.In 2004, the government granted IDBI permission to temporarily transfer its distressed loans to IDBI Trust, which took over the management of Rs 9,000…
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Source: https://business.outlookindia.com/amp/story/corporate/idbi-bank-hires-ey-to-locate-purchasers-for-rs-4000-crore-worth-debt

The stake sale in IDBI Bank may not be completed by March 2024, a senior government official said on Thursday.Department of Investment and Public Asset Monetisation (DIPAM) Secretary Tuhin Kanta Pandey said the transaction is “on course” but there are aspects like the RBI’s fit and proper criteria which need to be complied with.”We practically don’t think that before March, we can conclude it (IDBI Bank stake sale),” Pandey told reporters on the sidelines of an event organised by industry grouping Ficci here.He was answering a question on whether the department will be able to achieve the target of raising Rs 51,000 crore from disinvestments this fiscal.The government, which owns over 45…
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Source: https://business.outlookindia.com/amp/story/news/idbi-bank-stake-sale-may-not-be-completed-by-march-2024-govt-official

Author: Priyanka PayalWed, 06 Sep 2023 11:39 AM (IST)Source:JNDIDBI Bank shares remained on investors’ radar on Wednesday after the lender filed an appeal against the NCLT order giving consent of the merger of Zee Entertainment Enterprise Ltd. (ZEEL) with Clver Max Entertainment, earlier Sony Pictures Networks India. IDBI Bank has moved the National Company Law Appellate Tribunal (NCLAT) against the order. IDBI Bank shares were spotted trading 1.14% higher at Rs 70.95 per share at 11:06 am IST on Wednesday (September 6). Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, to ZEE’s $10 billion merger with Culver Max, which would create the largest…
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Source: https://english.jagran.com/lite/business/idbi-bank-shares-in-focus-today-here-is-why-10098615

On August 10, the Mumbai bench of the NCLT approved the merger of Zee Entertainment and Sony Pictures Networks India (SPNI), paving the way for the creation of a $10-billion media giant in the country. Dissenting creditors, including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank Ltd, and others, took issue with a non-compete clause in the merger deal. In December, NCLAT refused to put an interim stay on the merger and deferred the case to January.Zee alleges that the decision to terminate the merger was premeditated and incurred costs of ₹700 crore or $80 million to comply with the requirements in preparation for the merger. The case is pending with the NCLT.
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Source: https://www.afaqs.com/news/media/nclat-holds-off-on-issuing-an-idbi-order-as-axis-bank-protests-the-zee-sony-merger-report

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Private sector lender IDBI Bank is planning to invest Rs 600 crore to Rs 700 crore in the bank’s information technology and digital lending business in 2023-24, said Rakesh Sharma, Managing Director and Chief Executive Officer (MD and CEO). This is part of the ongoing expansion plans in these verticals, he said.
The bank surpassed the recovery target it set last year and is looking at recovering more than Rs 4,000 crore worth of bad loans in FY24.

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In an…
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Source: https://www.moneycontrol.com/news/business/interview-idbi-bank-to-invest-rs-700-crore-in-digital-lending-business-this-fiscal-says-md-and-ceo-11024761.html/amp

Wipro Ltd.’s Q4 FY24 profits were above consensus expectation. Going forward, the company has guided -1.5%- +0.5% indicating constraint demand scenario. Further despite green shoots in Capco’s consulting clients (led by 43% YoY increase in order booking) and large deal wins (up 17.4% YoY in FY24), we expect near term growth to be muted. We expect lower discretionary spend, volatile demand and client specific challenges will weigh on Wipro’s revenue growth in short term. Hence, we have lowered our earnings per share estimates downwards by 0.8% & 2% for FY25E and FY26E. Consequently we have lowered our target price downwards from Rs 535 to Rs 521 (20 times FY26E EPS). However,…
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Source: https://www.ndtvprofit.com/amp/research-reports/wipro-q4-results-review-execution-key-to-re-rating-idbi-capital