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LIC, which has a controlling stake in IDBI, will infuse Rs 4,743 crore.
Indian public sector banks, Bank of Maharashtra (532525.BOM) (MAHABANK.NS) and IDBI Bank (532235.BO) (IDBIBANK.NS) (IDBK.NS) have said that they have reduced their marginal cost of funds based lending rate (MCLR) across select tenures by 10 basis points (bps) and 5-15 bps, respectively, Business Line has reported online.
said, "We are delighted to have partnered with IDBI Bank, one of India's oldest and largest commercial banks with extensive reach across the country.
"The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, customers & employees of both entities through mutual synergies," IDBI Bank said in a BSE filing.
The board of state-run Life Insurance Corporation (LIC) yesterday approved the acquisition of up to 51% stake in the government-owned IDBI Bank, Economic Affairs Secretary SC Garg said.
The 57- page charge sheet or prosecution complaint filed under various sections of the Prevention of Money Laundering Act ( PMLA) before a special anti- money laundering court names Mallya, the nowdefunct Kingfisher Airlines ( KFA), United Breweries ( Holding) Limited and senior employees and executives of IDBI Bank.
IDBI Federal started its operations in March 2008 and is amongst the most successful start-ups in the Indian Life Insurance market.
The central bank has further cancelled the authorisation that it had given to IDBI Gilts Limited to act as a primary dealer in government securities, the Reserve Bank of India (RBI) said.
"Our partnership with IDBI is going to be long-term.
This is the first infrastructure-financing deal for IDBI Bank outside India, closed through its subsidiary which is based in the Dubai International Financial Centre (DIFC).
Singh, Deputy Managing Director, IDBI Bank said, "We believe that the MENASA Region has considerable growth potential and our presence in Dubai through the DIFC branch will offer significant business opportunities.
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- IDC Security Forum East