LIC may land in banking sector!
Wednesday - June 27, 2018 6:26 pm ,
Category : WTN SPECIAL
LIC and IDBI bonding!
JUNE 27 (WTN) - It is believed that the country's largest insurance company, Life Insurance Corporation (LIC) can land in the banking sector. For this, the company's eyesight is on the majority stake of IDBI Bank. According to information received from the media, the IDBI's ‘account book’ is under pressure, but this will help LIC with business vision.
For your information, let you know that the IDBI Bank has heavy debt. The government is trying to ‘revive’ the bank. Knowledgeable sources say that taking a majority stake by LIC can benefit both the public sector financial companies in the long run. However, it is not yet final decision that how much stake of IDBI will LIC have.
According to the information received from the media, the initial ways of this scheme are being decided. One thing is certain that the insurance company may make IDBI Bank subsidiary like its housing finance and mutual fund business.
Let you know that the government holds 80.96% stake in this firm and this deal can include both real estate and non-core units of IDBI Bank, whose value is about Rs.14,000 crore, at present LIC has 10.82% stake in IDBI Bank.
For your information, let you know that IDBI Bank is battling the problem of NPA. By the end of March quarter, the bank's debt has reached 55,600 crore rupees. During the quarter, the bank's net loss was Rs 5,663 crore. The market capitalization of the bank is about Rs 23,000 crore. Its real estate assets and investment portfolio are estimated to be Rs. 20,000 crores.
According to information from the media, IDBI Bank has already evaluated its real estate assets at the market price. But during this period, IDBI Bank noted that government will not be able to earn in a stake sale and whatever funds it will get will be utilized for the bank's resurgence.
JUNE 27 (WTN) - It is believed that the country's largest insurance company, Life Insurance Corporation (LIC) can land in the banking sector. For this, the company's eyesight is on the majority stake of IDBI Bank. According to information received from the media, the IDBI's ‘account book’ is under pressure, but this will help LIC with business vision.
For your information, let you know that the IDBI Bank has heavy debt. The government is trying to ‘revive’ the bank. Knowledgeable sources say that taking a majority stake by LIC can benefit both the public sector financial companies in the long run. However, it is not yet final decision that how much stake of IDBI will LIC have.
According to the information received from the media, the initial ways of this scheme are being decided. One thing is certain that the insurance company may make IDBI Bank subsidiary like its housing finance and mutual fund business.
Let you know that the government holds 80.96% stake in this firm and this deal can include both real estate and non-core units of IDBI Bank, whose value is about Rs.14,000 crore, at present LIC has 10.82% stake in IDBI Bank.
For your information, let you know that IDBI Bank is battling the problem of NPA. By the end of March quarter, the bank's debt has reached 55,600 crore rupees. During the quarter, the bank's net loss was Rs 5,663 crore. The market capitalization of the bank is about Rs 23,000 crore. Its real estate assets and investment portfolio are estimated to be Rs. 20,000 crores.
According to information from the media, IDBI Bank has already evaluated its real estate assets at the market price. But during this period, IDBI Bank noted that government will not be able to earn in a stake sale and whatever funds it will get will be utilized for the bank's resurgence.
