The country’s economy is facing a familiar challenge ~ the perennial struggle to meet divestment targets. The revelation that the Centre is set to miss its divestment goal by a staggering sum in the current fiscal year is a stark reminder of the persistent hurdles on the road to economic reform.
IDBI Bank on Saturday said it closed the second quarter of FY24 with an increased net profit of Rs.1,323.27 crore.
The tribunal also sought explanation if the proposal could be admitted under the law.
The Government of India (GoI) and the LIC together own more than 94 per cent of equity of IDBI Bank.
This decision of LIC's board is also consistent with the regulatory mandate to it to reduce its stake in the bank.
The performance of IDBI Bank was reviewed by the Board for Financial Supervision (BFS) in its meeting held on February 18, 2021.
At the BSE, it jumped 19.95 per cent to Rs 24.35 - its upper circuit limit.
The bank, majority owned by Life Insurance Corporation of India (LIC), had posted a net loss of Rs 4,918 crore in the corresponding period of last year.
He currently holds IDBI Bank’s Executive Director post for the Mid Corporate Group and Trade Finance.
The IDBI stock was trading lower by 1.78 per cent, at Rs 35.80 a share, in afternoon trade on the BSE.
