LIC-IDBI Bank deal: What may be discussed in IRDAI meet today
Posted on 29th June 2018 |
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| Amid reports that insurance behemoth LIC is likely to pick up a majority stake in the state-run IDBI Bank, the board of insurance regulator IRDAI will meet on Friday. The meeting may see discussion on issues such as hike in investment limit for a particular insurance firm beyond 15 percent in the interest of policyholders, PTI reported. An insurance firm can’t hold over 15 percent stake in the listed financial companies currently, according to existent norms. “In the case of entities from the financial sector, other than regulated or diversified or listed, the limit (for insurance companies) shall be at 15 percent of the paid-up capital,” as per the guidelines for listed Indian Insurance Companies, 2016. In 2017, the insurance regulator had asked state-run life insurance company to prepare a road map to pare its stake to 15 percent in firms where it breaches this ceiling without fixing a time-frame. It was on June 21 that reports were out in media that the state-owned Life Insurance Corporation could pick up a large stake to become a strategic investor in IDBI Bank as the government looks to disinvest its equity holding in the lender. The reports also stated that the finance ministry has held discussions with LIC to explore the possibility of LIC raising its stake in IDBI Bank to 51 percent from a little over 10 percent at March-end. As per LIC’s internal estimates, the deal may cost around Rs 10,000 crore. Even as discussions have been held in this regard, LIC is expected to take the proposal to its board for approval only after getting a clearance from the finance ministry, government sources said. While the government has explored the possibility of LIC raising its stake up to 51 percent in the lender, the deal is not final yet and the finance ministry may chose to sell its stake in IDBI Bank to a clutch of investors including the LIC, PTI had reported. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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