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Business Standard

IDBI Caps invites counter bids on NARCL's base bid for Govindraja Mills

The consortium of lenders includes Indian Bank, State Bank of India, DBS Bank, Punjab National Bank, Bank of Maharashtra, Karur Vysya Bank, and City Union Bank apart from Canara Bank

The Economic Times

Foreign lenders lured by rare stake sales in India banks, but tighter rules weigh

Foreign banks from Japan and the Middle East are eyeing majority stakes in India's Yes Bank and IDBI Bank, as existing investors look to divest. Yes Bank has attracted interest from Sumitomo Mitsui Banking Corp and Emirates NBD, while IDBI Bank has seen interest from Fairfax Group and Kotak Mahindra Bank.

Business Standard

IDBI Bank hikes FD rate to 7.85% for 444-day tenure to garner more deposits

With an aim to garner more deposits, IDBI Bank on Tuesday increased its fixed deposit rate to 7.85 per cent for 444-day tenure for a limited period. The bank now offers a peak rate of 7.85 per cent and 7.75 per cent per annum on tenures of 444 days and 375 days, respectively, IDBI Bank said in a statement. This enhancement makes the Utsav Fixed Deposit an even more compelling option for customers seeking higher yields, it said. This offer is valid till September 30, 2024, it said, adding, customers can open an Utsav Fixed Deposit conveniently through the bank's website or mobile banking application or at any branch of the bank. Besides this, IDBI Bank continues to offer competitive rates on other special tenures under the Utsav Fixed Deposit scheme. The 700-day tenure offers a peak rate of 7.70 per cent, while the 300-day tenure provides 7.55 per cent, it said. Both Finance Minister and RBI Governor have expressed concern over slow pace in deposit growth as compared to credit ...

The Economic Times

NCLAT stays insolvency proceedings against Coffee Day Enterprises

The National Company Law Appellate Tribunal (NCLAT) has temporarily halted insolvency proceedings against Coffee Day Enterprises (CDEL), allowing the company to continue operations. This decision suspends an August 8 order by the National Company Law Tribunal (NCLT) that had initiated a debt resolution process. CDEL, facing a petition from IDBI Trusteeship Services (IDBITS) over a ₹228.45 crore default, will have its case reviewed further. Since the death of founder VG Siddhartha in 2019, CDEL has reduced its debt significantly, from ₹7,200 crore to ₹1,292 crore.

Mint

NCLAT stays insolvency proceedings against Coffee Day Enterprises

NCLAT stayed insolvency proceedings against Coffee Day following an appeal by director Malvika Hegde challenging an NCLT order initiated by IDBI Trusteeship

The Economic Times

NCLAT stays insolvency proceedings against Coffee Day Enterprises till next date of hearing

The NCLAT halted insolvency proceedings against Coffee Day Enterprises Ltd, operators of Cafe Coffee Day, pending further hearings. The tribunal instructed IDBI Trusteeship Services Ltd, the financial creditor asserting a Rs 228.45 crore default, to file a counter affidavit within three weeks. This decision followed an appeal from Malavika Hegde, Executive Director-CEO of the company.

Business Line

Broker’s call: APL Apollo (Buy)

IDBI Capital

Business Standard

NCLT orders insolvency trial against Coffee Day Enterprises on IDBI claims

Corporate dispute tribunal NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses. The Bengaluru bench of the NCLT (National Company Law Tribunal) on August 8 admitted the plea filed by IDBI Trusteeship Services Ltd (IDBITSL) claiming a default of Rs 228.45 crore and appointed an interim resolution professional to take care of the operation of the debt-ridden company. CDEL, which also owns and operates a resort, renders consultancy services and is engaged in the sale and purchase of coffee beans, had defaulted in the payment of coupon payments of redeemable non-convertible debentures (NCDs). The financial creditor had subscribed 1,000 NCDs through private placement and paid Rs 100 crore towards the subscription in March 2019. For that CDEL executed and entered into an agreement with IDBITSL agreeing to appoint as the debenture trustee for the debenture

The Economic Times

NCLT orders insolvency proceedings against Coffee Day Enterprises

The NCLT has begun insolvency proceedings against Coffee Day Enterprises Ltd (CDEL) following a plea by IDBI Trusteeship Services Ltd, citing a Rs 228.45 crore default. The tribunal appointed an interim resolution professional, noting CDEL’s failure to make coupon payments on debentures and rejecting CDEL’s objections. The default was acknowledged in their annual reports.

Business Line

Coffee Day stock plunges as it faces insolvency after NCLT admits creditor’s petition

NCLT admits application under the Insolvency and Bankruptcy Code filed by IDBI Trusteeship Services against Coffee Day Enterprises

Business Line

IDBI Bank, Suzlon Energy and Tata Motors: Three stocks that outperformed in the week ended July 26

The Dalal Street was in green for most indices this week except for BSE Bankex and BSE Realty which shed 2.5 per cent and 1.5 per cent, respectively

Business Standard

Go First heads towards liquidation after failed EaseMyTrip, SpiceJet bids

Go First owes creditors - Central Bank of India, Bank of Baroda, and IDBI Bank - around Rs 6,200 crore

The Economic Times

No final bids from ARCs for IDBI's Stressed Assets Stabilisation Fund assets

IDBI Bank's Stressed Assets Stabilisation Fund (SASF) is facing hurdles in its bid to recover 11.59% from the sale of non-performing loans worth ₹6,151 crore. Despite initial interest from 18 asset reconstruction companies (ARCs), no confirmed bids were received in the final round. As a result, the reserve price for the auction has been slashed to ₹642 crore, and a new bidding process has commenced. The portfolio includes 239 cases, with a mix of secured and unsecured debts. SASF, originally set up to acquire distressed assets from IDBI Bank, is now winding down after nearly two decades.

Business Standard

Paytm Payments Bank appoints ex-IDBI Bank executive Arun Bansal as new CEO

Reserve Bank of India (RBI) had approved Bansal's appointment as the MD and CEO of the payments bank, he communicated on June 20 to IDBI Bank

Business Standard

Stock Alert: HDFC Bank, Raymond, Poonawalla Fincorp, IDBI Bank, Punjab National Bank,

HDFC Banks gross advances fell 0.8% QoQ at Rs 24.87 lakh crore, while the deposits were flat to Rs 23.79 lakh crore. CASA deposits were down 5% quarter-on-quarter at Rs 6.83 lakh crore for the quarter ended 30 June 2024.

Business Line

Broker’s call: Neogen Chemicals (Buy)

IDBI Capital