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Govt gets multiple preliminary bids for buying 61% stake in IDBI Bank

Govt gets multiple preliminary bids for buying 61% stake in IDBI Bank


The Centre on Saturday received multiple expressions of interests (EoIs) from domestic and foreign investors for the 60.72% stake in IDBI Bank, which will go to the successful bidder along with management control.

“Multiple expressions of interest received for the strategic disinvestment of Govt and LIC stake in IDBI Bank. The transaction will now move to the second stage,” department of investment and public asset management secretary Tuhin Kanta Pandey tweeted.

Saturday was the last date for submission of EoIs. In the second stage, shortlisted bidders would be asked to place financial bids. The transaction is expected to conclude in FY24.

“The financial bids will be called after all the processes are completed such as due diligence of EoIs, fit-and-proper assessment of the bidders by the RBI and data room access given to the shortlisted bidders,” a senior official told FE.

On October 7 last year, the Centre invited EoIs for IDBI Bank and offered to sell a total of 60.72% stake worth over `38,550 crore at current market prices, comprising 30.48% from the government and 30.24% from LIC, along with the transfer of management control.

The deal was sweetened for investors as the government, market regulator Sebi and the RBI have extended necessary regulatory forbearance. Foreign banks, funds and investment vehicles incorporated outside India are allowed to bid for IDBI Bank.

These include an extended period for complying with the minimum public shareholding (MPS) norms, relief from tax on notional gains if share price of the bank rises post financial bids up to transaction conclusion, and buyer will make open offer to public at the winning bid price (no additional cost even if share prices rise).

IDBI Bank shares closed at `59.05 on BSE on Friday, up 7.85% from the previous closing price, while the broader Sensex closed 0.75% down.

On Thursday, the Securities and Exchange Board of India (Sebi) allowed the Centre to reclassify its holding in IDBI Bank as ‘public’ following the divestment of its stake, on the condition that its voting rights do not exceed 15%. The regulator also said the buyer will have to adhere to the minimum public shareholding norms of 25% within a year of acquisitions, as per its regulations applicable in merger and acquisition transactions.

However, another government official said that the one-year period for MPS compliance intimated by Sebi would not be applicable for IDBI Bank as the Centre amended the Securities Contracts (Regulation) Rules, 1957, on Tuesday to give a longer period to the buyer.

The public holding in IDBI Bank is 5.28%.

Sebi’s categorisation of the Centre’s residual stake of 15% in the lender would mean that the new promoters of the bank would have to just offload another 7-10% to meet the public float norm of 25%. A strategic investor may not like to offload a stake in the initial years, a period when it will likely be setting up a new management team, restructuring the business and attempting a rebranding of a company.

The winning bidder will also be permitted to make an open offer to the public at the same price that it would be paying to the government and LIC, thereby reducing potential additional costs in the event of the bank’s share prices moving upwards after financial bids are submitted. Also, even if the share prices rise after financial bids are submitted and by the time the transaction concludes, there won’t be any tax liability on the notional gain in value to the buyer, sources said.

The IDBI Bank strategic disinvestment would give the government a ready reckoner to undertake strategic disinvestment of public sector banks.





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IDBI to continue as ‘Indian private sector bank’ post strategic sale


The government’s residual 15 per cent stake in IDBI Bank post the strategic disinvestment of the lender will likely be considered as ‘public shareholding’ and a reasonable period may be given to the potential buyer to comply with minimum public shareholding (MPS) norm, finance ministry said on Sunday. IDBI Bank will operate as an ‘Indian private sector bank’ after its strategic sale.

Department of investment and public asset management (Dipam) said that the winning bidder will have no restriction on undertaking a corporate restructuring of the subsidiaries of the bank. It also said that certain asset sizes and timing thresholds related to asset stripping would be provided to give flexibility in operations to the successful bidder.

“The aspects in respect of the treatment of GOI’s residual shareholding and the appropriate transition period for MPS compliance are under due consideration and would, accordingly, be suitably advised to the Qualified Interested Parties at the request for proposal stage,”  Dipam said responding to a batch of 167 queries from potential buyers. On October 7, the Centre invited expressions of interest  for IDBI Bank and offered to sell a total of 60.72 per cent stake, including 30.48 per cent from the government and 30.24 per cent from LIC, along with the transfer of management control. Yet, both the government and LIC will have a 34 per cent residual stake in the lender (19 per cent and 15 per cent by LIC and government, respectively).

According to Sebi, a company is required to have a minimum shareholding of 25 per cent within one year of the merger with/acquisition of a private company or three years after listing. FE





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Govt, LIC move to sell 61% stake in IDBI Bank


NEW DELHI: The government and Life Insurance Corporation of India on Friday finally moved to sell nearly 61% stake in IDBI Bank, along with management control, seeing off the process that has been delayed by several months.
Given the complexities, the department of investment and public asset management, which is driving the process, has proposed a two-stage step. In the first, interested parties will be screened on the specified parameters and if they meet the criteria, they will need to clear RBI’s “fit and proper” test as well as the home ministry’s security check.
In the second phase, those who make the cut will be provided the request for proposal and submit financial bids. The successful bidder will have to make an open offer, which is triggered on the acquisition of 25% stake.

To participate in the first stage, prospective bidders must submit an expression of interest by December 16.
While the IDBI Bank stake sale has been in the works for a few years, the move signals the government’s intent to go ahead with the privatisation plan at a time when analysts were expecting to go slow in the wake of crucial assembly elections as well as general elections in the first half of 2024. The sale process is being closely watched as finance minister Nirmala Sitharaman has announced plans to sell stake in two public sector banks.
IDBI Bank, which has been a problem child of sorts, saw LIC step in at the behest of the government before it slipped into the red and was among banks that saw restrictions imposed on its operations under RBI’s prompt corrective action (PCA) policy. The government believes that the lender is now in good health and an attractive bet for investors.
While RBI has made exceptions in terms of doing a fit and proper assessment at the initial stage itself, large industrial or corporate houses are not allowed to participate. Public sector companies too are not allowed to participate in the IDBI Bank sale process.
The preliminary information memorandum also mentioned that in line with the regulatory norms, voting rights will be capped at 26%. Given that the government and LIC will hold around 19% each, the successful bidder will be the only entity with veto power.
In addition, the buyer, even if it is a consortium, has to hold at least 40% of the paid-up and voting equity share capital of IDBI Bank for five years. Bidders will have to provide a 15-year glide path to reduce their shareholding in line with RBI norms.
In the past too, the government has sought to sell its stake in IDBI Bank, but the process has not gone through.





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Bids invited for IDBI Bank stake sale; Govt, LIC to sell 60.72%


The government on Friday invited expressions of interest (EoIs) for IDBI Bank and offered to sell a total of 60.72 per cent stake in the bank, including major portions of the shares held by the government and state-run Life Insurance Corporation (LIC).

IDBI Bank’s stock closed 0.71 per cent higher on the BSE on Friday. At the current market price, the stake being offloaded is worth Rs 27,800 crore. With the consent of the regulators — the Reserve Bank of India and the Securities and Exchange Board of India — the government has made the mandatory glide path for stake reduction for the buyer more flexible than what is specified for promoters of private banks. The buyer, therefore, would get 15 years to bring down the equity to 26 per cent. Of course, in the first five years, 40 per cent of the equity capital would be locked in, as per the RBI guidelines.

The last date for submission of EoI is December 16. While the Centre is keen to conclude the transaction during the current financial year, it may spill over to the next year, given the formalities to be completed. Banks, non-banking financial companies and private equity funds have already shown interest in IDBI Bank.

The Centre’s disinvestment receipts so far this fiscal year have been Rs 24,544 crore, as against the annual target of Rs 65,000 crore. “A cumulative 60.72 per cent of the shareholding shall be divested. GoI shall divest such number of shares representing 30.48 per cent and LIC of India shall divest such number of shares representing 30.24 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank,” the department of investment and public asset management (Dipam) said in a statement.

Currently, LIC holds 49.24 per cent in IDBI Bank, while the government holds 45.48 per cent. On May 5, 2021, the Cabinet Committee on Economic Affairs had granted in-principle approval for the strategic disinvestment of IDBI Bank along with transfer of management control.

IDBI Bank posted profit after tax of Rs 2,439 crore in FY22.

Its net interest margin stood

at 3.73 per cent and return on equity at 13.60 per cent. The bank’s capital to risk (weighted) assets ratio stands at a comfortable 19.06 per cent.

As per the EoI conditions, private sector banking companies, foreign banks, NBFCs, and alternative investment funds registered with Sebi are among the entities eligible to bid. However, large industrial/ corporate houses and individuals (natural persons) aren’t eligible. FE





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IDBI Bank Shares Surge On Bad Loan Recovery, Privatisation Buzz


At 1.46 pm on the BSE, share of IDBI Bank Limited was trading at Rs 45.85.

Mumbai (Maharashtra):

Share price of IDBI Bank surged by around 7 per cent on Friday after the company’s top executive expressed hope that the lender may recover around one-fourth of nearly Rs 78,000 crore of bad loans and the government is likely to speed up privatisation process.

Trading in IDBI Bank shares started in the positive at Rs 43.85 on the BSE against its previous day’s close at Rs 43. The scrip witnessed strong buying support in the afternoon session rising to a high of Rs 46.35.

At 1.46 pm on the BSE, share of IDBI Bank Limited was trading at Rs 45.85, which is 6.63 per cent higher than its previous day’s close.

IDBI Bank shares surged after its chief executive officer Rakesh Sharma claimed that the bank might recover around one-fourth of Rs 78,000 crore in bad loans.

The bank share has also surged on reports that the government and Life Insurance Corporation of India, which together control nearly 94 per cent stake in IDBI Bank, might find a buyer to sell their stake.

IDBI Bank’s share has risen sharply in the recent days. The bank’s 52-week low price stands at Rs 15.98 per equity share.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



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Now, IDBI Bank too hikes deposit rates to fund strong loan demand



At a time when banks are looking to aggressively increase mobilisation of deposits to fund demand for loans, IDBI Bank has increased interest rates on term deposits. The lender is offering a peak rate of 6.7 per cent to senior citizens for a select period under a new scheme.


“The bank has also introduced a limited period special 500 days deposit under the Amrit Mahotsav FD (fixed deposit) scheme, offering a peak rate of 6.7 per cent. Amrit Mahotsav is a limited period offer available up to September 30, 2022,” IDBI Bank said. The special offer is effective from Monday.


Under the Amrit Mahotsav offer, general customers would receive an interest rate of 6.1 per cent for callable deposits and 6.2 per cent for non-callable deposits worth more than Rs 15 lakh. Senior citizens would receive 6.6 per cent for callable deposits and 6.7 per cent for non-callable deposits of more than Rs 15 lakh.


Around 25 per cent of IDBI Bank’s retail fixed deposits are from senior citizens, industry sources said.


IDBI Bank has also raised deposit rates for other buckets.


Effective Monday, the lender is offering a peak rate of 5.8 per cent for retail term deposits under Rs 2 crore. This is for those with maturity brackets of five years, more than five years-seven years and more than seven years-10 years, the lender’s website showed.


The highest rate for senior citizens is 6.55 per cent for tenors ranging from 5 years to more than 5 years and up to 10 years.


Effective August 20, Unity Small Finance Bank also increased rates on bulk deposits. For non-callable bulk deposits worth more than Rs 2 crore but less than Rs 5 crore, the bank is offering a peak rate of 7.1 per cent. This is for tenors of more than two years-three years and more than three years-five years.


Last week, State Bank of India (SBI) and Bank of Baroda also announced special deposit schemes to commemorate 75 years of Independence. SBI launched a 75-day scheme, offering 6.1 per cent for fixed deposits, with senior citizens being offered 0.5 per cent more.


Since the Reserve Bank of India’s (RBI’s) decision to hike the repo rate by 50-basis points (bps) on August 5, a slew of lenders have raised fixed deposit rates under various maturities. They include Indian Overseas Bank, Indian Bank, Kotak Mahindra Bank and Ujjivan Small Finance Bank


As on July 29, growth in bank credit was 14.5 per cent year-on-year (YoY). For deposits, it stood at 9.1 per cent, latest RBI data showed.


Higher loan rates


Mortgage financier LIC Housing Finance, hiked its home loan rates by 50-basis points, with effect from August 22. The new rates on home loans would now start from 8 per cent as opposed to 7.5 per cent earlier.


“The hike in repo rate has caused some minimum fluctuation in the EMIs or the tenure on home loans but demand for housing will remain robust. The interest rate hike of LIC HF is in line with the market scenario,” said Y Viswanatha Gowd, managing director (MD) & chief executive officer (CEO), LIC Housing Finance.


Bajaj Housing Finance also increased its home loan rates by 50 bps on Monday. The rates start from 7.7 per cent. “While the interest rates have increased by 50 bps, the company’s home loan offer remains one of the most competitive in the market,” it said.


Previously, HDFC increased home loan rates by 25 bps. The revised rates for new borrowers would range between 8.05 per cent and 8.55 per cent, depending on the loan amount.


IndusInd Bank also increased its marginal cost of funds-based lending rate (MCLR) by 10-20 bps across tenors, effective August 22.



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LIC To Retain Partial Stake In IDBI Bank, Says Chairman


LIC will retain partial stake in IDBI Bank

New Delhi:

State-owned Life Insurance Corporation of India (LIC) has said that it will retain part of its stake in IDBI Bank to reap the benefits of the bancassurance channel.

Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank, but may not exit completely, LIC Chairman M R Kumar said in an interview.

LIC is currently doing roadshows for its maiden public issue, which opens for subscription on May 4.

The government for the past few years has been planning to sell its 45 per cent minority stake in IDBI Bank to strategic investors as part of its privatisation drive.

Last week, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had said the IDBI Bank privatisation process was underway and that the quantum of the stake sale would be determined after the completion of the roadshow.

IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, following the acquisition of an additional 82,75,90,885 equity shares.

On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent following the issuance of additional equity shares by the bank under a Qualified Institutional Placement (QIP).

“Strictly speaking, we are below the threshold limit of management control but then, what government really means is that management control is to be given in such a way that a private entity picks up and runs the bank, and government in the process gets value out of that,” Mr Kumar said.

He further said that “since LIC is also in the picture, my stand has always been very clear that we will also divest along with the government, but it may be 49 per cent. So, it will depend on how this whole transaction plays out and what kind of investors express interest”.

He further said LIC does not want to “hold a big stake” but some holding as it has been a win-win for both entities.

IDBI Bank has been the strongest contributor to the bancassurance channel, he said, adding for the bancassurance arrangement to continue LIC may not require to hold the entire stake.

Bancassurance is an arrangement between a bank and an insurance company, allowing the latter to sell its products to the bank’s customers and others through the branch network.

In the last three years, the bank has gained a lot in terms of savings accounts, cash management, and premium collection, he said.

“Once you’ve seen the result of fee-based income coming out of this (arrangement), once the board has recognised that this fee-based income is going to grow, the bank would also like to have continuity in the relationship,” the chairman noted.

LIC had bought a 51 per cent stake in IDBI Bank in 2019 for Rs 21,624 crore at an average price of Rs 61 per share. However, IDBI Bank scrip is trading much lower at Rs 45 per unit, indicating investment loss for the insurer.

Besides, it infused Rs 4,743 crore in IDBI Bank on October 23, 2019, using policyholders’ funds while the bank further raised Rs 1,435.1 crore on December 19, 2020, by way of a QIP.

IDBI Bank has come out of the prompt corrective action framework in March 2021, subject to compliance with certain conditions and continuous monitoring.



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IDBI Bank waves ‘pvt sector’ tag to seek 10 times rise in CEO pay


The pay package of IDBI Bank MD and CEO Rakesh Sharma is likely to surge by over 10 times with the bank putting a resolution for postal voting by shareholders. The bank’s board has proposed a hike of nearly 10 times in Sharma’s salary, from Rs 2.62 lakh per month to Rs 20 lakh per month — Rs 2.4 crore annually — with effect from March 19, 2022. Besides, the other perquisites include semi-furnished accommodation, club membership, car for official purposes, entertainment expenses, leave and leave fare concession, PF, gratuity, annuity policy and other retirement benefits, according to the resolution moved by the bank for postal voting.

There are also stock options and variable pay as may be decided by the Nomination and Remuneration Committee of the IDBI Bank board and subject to the RBI approval. As a result, Sharma’s total package is expected to go up further.
When compared to this, the salary of Dinesh Khara, who became Chairman of SBI, India’s largest bank, on October 7, 2020, was Rs 38.12 lakh (Rs 3.17 lakh per month) in 2020-21, according to SBI Annual Report. Punjab National Bank’s former MD and CEO Mallikarjuna Rao received a total salary of Rs 31.22 lakh (Rs 2.6 lakh per month) in FY21, says the PNB Annual Report. According to the bank’s Annual Report for 2020-21, Sharma’s salary was Rs 2,62,548 per month.

This included Rs 2,24,400 salary and applicable DA (presently 17 per cent) of Rs 38,148.

IDBI Bank is controlled by the government directly and indirectly. Public sector LIC holds 49.24 per cent stake in the bank. The total promoter holding, including LIC and the government stake, was 94.71 per cent, as of December 2021. However, according to the bank, it has been categorised as a ‘Private Sector Bank’ for regulatory purposes by the Reserve Bank of India, with effect from January 21, 2019, consequent upon Life Insurance Corporation acquiring 51 per cent of the total paid-up equity share capital of the bank.

Explaining the rationale for the salary hike, the bank said: “The November 2019 circular of RBI on compensation of Whole Time Directors (WTD) in private sector banks is applicable to WTDs in IDBI Bank also.” “The current salary drawn by the MD & CEO of IDBI Bank is based on the approval given by RBI for FY20-21, in terms of RBI guidelines on compensation of Whole Time Directors in private sector banks. The reappointment of MD & CEO has also been approved by RBI for a period of three years,” the bank said in a statement to The Indian Express.

However, the Annual Report of IDBI Bank for 2020-21 says, “Pay and allowances for employees is presently based on structured pay scale in alignment with the structure prevailing in public sector banks.” Sharma actually retired from Canara Bank in July 2018. He was appointed as IDBI bank MD and CEO in October 2018. He has now been given a three-year extension.

The e-voting on the resolution which started on April 6 will end on May 5, 2022.

The bank’s plan to hike the CEO salary follows the government’s proposal to privatise the bank by selling part of its stake. LIC, which is also the promoter of the bank, is also likely to sell part of its stake in the bank in the privatisation process.





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Insuring India | The Indian Express


After much uncertainty, the Life Insurance Corporation of India (LIC) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The initial public offering is for 31.6 crore shares or 5 per cent of the government’s stake. As per the DRHP, LIC’s embedded value — a measure of the consolidated shareholders value in an insurance company— has been estimated at Rs 5.39 lakh crore. While the offer price is yet to be disclosed, insurance companies typically tend to trade at a multiple of their embedded value. Thus the IPO will likely dwarf the recent Paytm offering, which had shattered the record for the largest offering. A successful fructification of the IPO by March would help the government achieve its scaled down disinvestment target of Rs 78,000 crore of which it has only been able to garner Rs 12,030 crore so far.

The size of the insurance behemoth is truly staggering. As of March 31, 2021, LIC had a 66.2 per cent market share in new business premiums, a 74.6 per cent share in individual policies issued, and a 81.1 per cent share of number of group policies issued for 2020-21. Though, increasingly LIC has been ceding space to private players — between 2015-16 and 2020-21, private sector life insurance players saw their premiums grow at 18 per cent, while LIC’s premium grew at 9 per cent — India is still an under-penetrated market. The country’s insurance density is much lower than that of other developing countries which indicates scope for growth.

The IPO comes at a time of tightening global financial conditions. Foreign investors have already pulled out billions this year. And though it is bound to generate interest, there are concerns about the capacity of the market to absorb such a large offering. Further, considering that in the past, LIC has often been used by the government to serve its own ends — for instance, it helped bail out the troubled IDBI bank — there are legitimate concerns that its investment decisions may continue to be guided by other motives. As the DRHP notes: The “corporation may be required to take certain actions in furtherance of the GoI’s economic or policy objectives. There can be no assurance that such actions would necessarily be beneficial to our Corporation.” While a listing on the exchanges will open LIC’s governance structures and investment decisions to public scrutiny, continued government interference in its decision making will affect the corporation’s prospects. The steep discounts that public sector companies trade at when compared to their private sector counterparts is a reflection of this pattern. Considering that LIC is a custodian of the policy holder’s money, the government must resist the temptation of using its coffers for its own purpose.





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ICRA flags asset quality pressure risk for IDBI Bank due to pandemic


While upgrading IDBI Bank’s ratings on sustained improvement in credit profile, rating agency ICRA flagged concerns over high asset quality pressures of the lender in the near term due to the pandemic. It said the bank’s return metrics could remain sub-optimal despite improvement in profitability.


The agency upgraded the rating for the Mumbai-based private lender’s bonds, debentures and tier-II capital instruments from “A” to “A+”. The ratings are based on standalone credit profile, as key investors Life Insurance Corporation of India (49.24 per cent) and the Government of India (45.48 per cent) want to offload their stake in the bank.





The rating factored in sustained improvement in the bank’s credit profile. The agency said the internal capital generation is likely to be sufficient for growth and maintaining cushion over the regulatory capital needs. IDBI Bank’s capital adequacy ratio (CAR) stood at 16.23 per cent with tier-I of 13.64 per cent in June 2021. IDBI Bank’s profitability includes recoveries from fully provided legacy stressed assets. It has used them for accelerated provisioning on other stressed assets and potential asset quality stress in the future.


The bank’s incremental slippages could remain high, given the large overdue book amid the weak operating environment and other vulnerable exposures. The bank maintains one of the highest provision coverage ratios (94 per cent) on its stressed assets. However, the timing of recoveries from these could remain uncertain. IDBI Bank’s ability to offset incremental credit costs by ensuring timely recoveries will be a key driver of net profitability, the rating agency said.


ICRA said on a forward-looking basis, normalised operating profitability is expected to remain better compared to past levels. But the elevated operational costs on a reduced scale and the high share of low/non-yielding assets will continue to impact the operating profitability.


Despite the onset of the pandemic, fresh non-performing assets (NPA) generation moderated to 2.12 per cent in FY21 from 8.35 per cent in FY20 and 12.73 per cent in FY19. However, with the onset of the second wave, NPA generation spiked to 5 per cent (on an annualised basis) in Q1 FY22 and the impact of various regulatory measures gradually ended. Nevertheless, the bank has guided towards the normalisation of NPA generation at 2-2.5 per cent in FY22, ICRA said.

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