Banking News

IDBI Bank news: IDBI Bank gets NCLT nod to set off accumulated losses of Rs 45,396 cr


India’s IDBI Bank Ltd on Friday said its proposal to set off accumulated losses has been approved by the National Company Law Tribunal (NCLT).

The bank will set off accumulated losses worth Rs 45,396 crore while reducing its share capital. The plan to do the same had been disclosed by the bank in February 2021 and has now been approved by the NCLT, the bank said in a statement to stock exchanges.

“The Bank will set off the accumulated losses aggregating to Rs.45396.18 crore as on April 01, 2021 by utilizing the balance of Rs. 50719.75 crore standing to the credit of the Securities Premium account of the Bank as on the said date,” it said.

IDBI Bank is currently in the process of a stake sale by the government and the Life Insurance Corporation of India, which are its largest shareholders.

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