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IDBI Bank
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Company History - IDBI Bank
1964
 
 - The Company was Incorporated on 1st July, at Mumbai.  The Bank was
 established as a wholly owned subsidiary of the Reserve Bank of India
 on 1st July, under a special statute, viz., Industrial Development
 Bank of India Act.
 
 1965
 
 - With effect from 1st April, the Bank introduced a scheme for
 rediscounting usance bills/promissory notes arising out of sale of
 indigenous machinery on deferred payment basis.
 
 - The Bank decided to supplement its refinance operations with a
 measure of risk-sharing with other institutions on a systematic basis
 and introduced a participation scheme for this purpose, with effect
 from 1st April, 1966.
 
 - The Development Assistance Fund was established on 27th March, in
 terms of Notification dated 16th March, issued by the Government of
 India.
 
 1972
 
 - The IDBI took initiative in establishing a technical consultancy
 service centre at the State level in Kerala in February called the
 Kerala Industrial and Technical Consultancy Organisation and 
 contributed 51% to its paid-up capital of Rs 2 lakhs.
 
 1973
 
 - North Eastern Industrial and Technical Consultancy Organisation,
 Ltd. (NEITCO), was sponsored by the IDBI in May.  Another technical
 consultancy organisation, viz., Bihar Industrial and Technical
 Consultancy Organisation, Ltd. (BITCO), was set up.
 
 - Refinance facilities are provided to eligible banks, which are
 authorised dealers in foreign exchange, against medium-term export
 credits granted to exporters in the private sector, who are
 manufacturers, recognised export houses or other exporters of
 standing.
 
 - The Bank as a apex institution, has also been vested with the
 responsibility of strengthening the resources position of the term
 financing institutions with a view to enabling them to expand and
 diversify their activities.
 
 - The Bank received various lines of credit from IDA/World Bank from
 time to time beginning from the year in US Dollars.
 
 1976
 
 - With a veiw to promoting fuller utilisation of capacity,
 technological upgradation and export development, the Government of
 India established in March, the Technical Development Fund (TDF).
 
 - Two Seed Capital Assistance Schemes were introduced by IDBI during
 the year viz. (i) SFC's Special Share Capital Scheme and (ii) IDBI's
 own scheme.
 
 1977
 
 - IDBI introduced in January, at the instance of the Government of
 India, a scheme for providing rupee assistance, to industrial units
 receiving import licences, under the TDF.
 
 - IDBI, apart from giving resource support for setting up of IFCI,
 UTI and SFCs, helped in establishing Shipping Credit and Investment
 Corporation of India, Ltd., Stock Holding Corporation of India Ltd.,
 Securities and Exchange Board of India, Discount and Finance House of
 India, Ltd., Tourism Finance Corporation of India Ltd., Over The
 Counter (OTC) Exchange of India, Biotech Consortium India Ltd., and
 Indian Investment Management Company Ltd.
 
 1982
 
 - 55,00,000 shares issued.
 
 1983
 
 - 130,00,000 shares issued.
 
 1984
 
 - IDBI introduced equipment finance scheme in September.
 
 - 30,00,000 shares issued.
 
 1985
 
 - A new scheme known as Equipment Refinance Scheme was introduced
 with effect from July 1st.
 
 - The Bank introduced a new scheme called the Foreign Currency
 Refinance scheme.  Under this Scheme, the Bank would extend foreign
 currency refinance facility to SIDCs/SIICs under the Bank's Normal
 Refinance Scheme.
 
 - A special scheme of assistance for installing in-house quality
 testing facilities was introduced under SIDF.  Presently, this scheme
 is being operated by SIDBI.
 
 - 30,00,000 shares issued.
 
 1986
 
 - Small industries development fund was set up in May to pay
 concentrated attention to the provision of financial and
 non-financial inputs to the small scale sector.
 
 - 30,00,000 shares issued.
 
 1987
 
 - The National Equity Fund Scheme was introduced in August for
 providing equity type support to new tiny and small scale industrial
 units which are engaged in manufacturing activities and also for
 rehabilitation of potentially viable sick SSI units.
 
 - 20,00,000 shares issued.
 
 1988
 
 - 45,00,000 shares issued.
 
 1989
 
 - 97,00,000 shares issued.
 
 1991
 
 - With effect from 1st April, DAF was merged with the General Fund.
 
 - The Bank's resources can be augmented through issue of bonds and
 debentures with or without Government guarantee. 
 
 - IDBI introduced 3-year 9% capital for sale to the public in the
 domestic market.
 
 - 66,00,000 shares issued.
 
 1992
 
 - The Bank issued unsecured bonds for a minimum aggregate amount of
 Rs 300 crores as follows: Deep Discount Bond had a face value of Rs
 1,00,000 was issued at a deeply discounted price of Rs 2,700 with a
 maturity period of 25 years from the date of allotment, Double Option
 Bond had a face value of Rs 5,000 bears an interest of 15% payable at
 
 the end of 10th year on redemption with a premium of Rs 250 per bond.
 Part A of Rs 5,000 and Part B of Rs 16,500 are tradable separately on
 Stock Exchanges at Ahmedabad Mumbai, Bangalore, Calcutta, Delh and
 Mumbai and Regular Return Bond had a face value of Rs 5,000 where
 interest on principal sum is payable half-yearly.  These bonds are
 redeemable at a premium of 5% at the end of 10 years from the date of
 allotment.
 
 - The bank entered the area of merchant banking to provide
 professional advice and services to industry for raising resources
 from capital market, acquisition of assets on lease and
 mergers/take-overs of existing units.
 
 - The Bank set up a foreign exchange dealing room to deal with all
 foreign exchange transactions.  The bank had set up Investor Services
 of India Ltd. with a view to providing registrar and transfer services
 based on high technology system.
  
 - In order to provide wider range of direct finance to meet the
 specific requirements of clients, the bank introduced new products
 such as Asset Credit and Equipment Finance.  Also introduce equipment
 leasing to meet the increasing demand for such services.
 
 - 50,00,000 shares issued.
 
 1993
 
 - Authorised Capital reclassified.  Equity Shares sub-divided.
 2530,00,000 Pref. shares issued.  Under Section 4 of IDBI Act, 1964,
 Government of India by the notification in Official Gazette date
 16.11.1994 converted 2530,00,000 No. of equity shares into Preference
 shares.
 
 1994
 
 - The Bank obtained the membership of National Stock Exchange.  IDBI
 Bank Ltd. promoted and incorporated in September as a commercial bank
 with an authorised capital of Rs 500.
 
 - The Bank had set up a Mutual Fund as a trust with a view to
 offering innovative investment products to investors backed by high
 quality servicing.
 
 - 17,30,93,300 shares allotted to public.
 
 1995
 
 - 17 New ventures were sanctioned.  The beneficiary industries were
 electronics, industrial automation, industrial products and
 machinery, computer software etc.
 
 - The bank entered into an Umbrella Grant Agreement with the World
 Bank for US $ 50 million aimed at phasing out use of ozone Depleting
 Substances in industry as part of ongoing efforts to reduce
 environmental degradation.
 
 - Loan was approved by the World Bank as part of the financial sector
 development of select commercial banks underwrite the bank acts as
 pass through Agent.
 
 - The Bank offered 16,80,00,000 No. of Equity shares of Rs 10 each to
 Public at a premium of Rs 120 each along with 1,44,20,000 No.  of
 equity shares of Rs 10 each at a price of Rs 130 per share was
 offered for sale by Government of India.  Out of the above
 3,36,00,000 shares
 offered to UTI, Exim Bank and IRBI.
 
 - 5,80,000 shares offered to employees, 10,02,20,000 shares were
 offered to public along with 19,78,000 shares not taken up in various
 categories (all were taken up along with unsubscribed portion of
 shares offered to other categories).
 
 1997
 
 - The Bank accepted 68 debenture trusteeship assignments in respect
 of bonds and debentures aggregating to Rs 2,743 crores.
 
 1997
 
 - IDBI, became the first financial institution to apply NSDL as DP.
 
 - IDBI has signed an agreement with National Securities Depository
 Ltd (NSDL) to get its equity shares admitted for dematerialisation.
 
 - IDBI has signed a -million bilateral seven-year loan facility
 arranged by Asahi Finance Ltd with Asahi Bank Ltd, Hong Kong as the
 lender.
 
 - The Reserve Bank of India has shot down the IDBI's proposal to
 privately place equity shares of its subsidiary, IDBI Bank, with the
 shareholders of the financial institution.
 
 - The largest financial institution of the country IDBI has merged
 its foreign exchange and domestic treasury operations following rapid
 deregulation of the money and foreign exchange markets in the
 country.
 
 - The 500 MW Pench thermal power project, promoted by Pench Power
 Ltd, has tied up its financing arrangement with IDBI.
 
 - The IDBI has signed a 0 million line of credit with the
 Export-Import Bank of Japan (EXIM-J) at Tokyo.
 
 - IDBI is set to become the first all-India financial institution to
 float capital gains bonds.
 
 1998
 
 - The Industrial Development Bank of India (IDBI) has commissioned a
 study on the country's debt market.
 
 - The IDBI has tied up a 0 million line of credit with the Export
 Import Bank of Japan for financing Indo-Japanese joint venture
 projects in India.
 
 - The IDBI is set to enter the capital market with a mega Rs
 1,000-1,500 crore debt issue (Flexibond 4).  This will be IDBI's
 maiden retail issue in the current fiscal.
 
 - American Express Bank, the travel related and financial services
 company, has entered into a strategic alliance for financial services
 with IDBI Bank.
 
 - IDBI Bank has entered into a strategic alliance with leading travel
 and financial service company American Express Bank.
 
 - The Industrial Development Bank of India would enter the capital
 market with a public issue of four crore shares with a face value of
 Rs 40 crore.
 
 - IDBI may tie the knot with US based .9 billion Principal
 Financial Group for management of provident & pension funds in the
 country. 
 
 - The Industrial Development Bank of India has tied up with 8
 commercial banks for extension of loans against its Flexibonds V
 issue slated to be launched from December 21.
 
 1999
 
 - IDBI Bank Ltd, came out with a maiden public offering of four crore
 equity shares of Rs 10 each at a premium of Rs 8 per share aggregating
 Rs 72 crore, said four lakh shares were reserved for its employees and
 another 40 lakh shares were reserved for IDBI's equity holders on a
 competitive basis.  The issue will close on February 16, 1999.  The
 shares are proposed to be listed on BSE, NSE, and the Indore Stock
 Exchange.
 
 - IDBI Bank, promoted by two premier financial institutions -
 Industrial Development Bank of India (IDBI) and Small Industries
 Development Corporation of India (SIDBI) - is coming out with a
 public issue of 40 million equity shares of Rs.10 each at a premium
 of Rs.8 per share aggregating Rs.72 crores. 
 
 - THE IDBI is all set to launch the sixth issue of Flexibonds, from
 February 22 to mobilise Rs. 1,500 crores, inclusive of a greenshoe
 option of Rs. 750 crores.
 
 - American Express Bank (Amex) has entered into a strategic alliance
 with IDBI Bank for its personal financial services (PFS) division to
 jointly explore the development of products such as smart card and
 debit card, and market complementary products and services to
 customers
 of both the banks.
 
 - The Board for Industrial and Financial Reconstruction (BIFR) has
 declared ATV Projects a sick company and appointed IDBI as operating
 agency (OA) for preparing the rehabilitation package for the company.
 
 
 - IDBI has succeeded in entering into one-time settlement for 77
 cases for fiscal year 1998-99 as compared to 45 cases in the previous
 year.
  
 - The IDBI has decided to enter the market for the first time this
 fiscal to borrow Rs 1500 crore through its Flexibond-VII issue.
 
 - A Memorandum of Understanding (MoU) between IDBI and Principal
 Financial Group was signed in Mumbai.
 
 2000
 
 - The Company proposal for the forfeiture of 3,03,100 No. of equity
 shares of Rs. 10/- each for non-payment of allotment money.
  
 - The Bank has been made the nodal agency for disbursing the Montreal
 Protocol-approved  million compensation package to four Indian
 companies, including SRF Ltd., and Gujarat Flurocarbonds. 
 
 - IDBI and CIDC would set up a joint working group to chalk out
 modalities for lending to the construction industry and risk
 assessment of the business.
 
 - The Company has proposed to undertake a capital restructuring
 exercise to reduce the Government stake to 51 per cent through an
 American Depository Share issue.
 
 - IDIB Principal Asset Management Company, the 50:50 joint venture
 between Industrial Development Bank of India and Principal Financial
 Group-USA, has brought about several changes in its top management. 
 
 - The company is launching a special deposit scheme- IDBI Suvidha -
 to mop-up Rs 2,200 crore worth of outflow on account of premature
 redemption of the discount bonds issued five years back.
 
 - Crisil has assigned the highest safety rating of `AAA' to various
 bonds issue of the company.
 
 - Crisil has assigned the highest safety rating of `AAA' to various
 bonds issue of the company.
 
 - IDBI has become the first all-India financial institution to
 qualify for the ISO 9002 certification for its treasury operations.
 
 - Industrial Development Bank of India and the Export-Import bank of
 the United States have signed an memorandum of understanding for
 financing in the amount of 0 million to support import of
 US-sourced goods for Indian borrowers.
 
 - Hughes Tele.com (India) has tied up a Rs 250-crore loan with the
 Industrial Development Bank of India.
 
 - The Industrial and Development Bank of India has sold 36,500 No. of
 equity shares of Pan Foods Ltd. to the promoters at a price of Rs 10
 per share.
 
 - Industrial Development Bank of India (IDBI), one of the country's
 leading financial institutions, launched a novel investment concept
 of asset allocation future goals in a 50:50 joint venture with the
 US-based principal Financial group.
 
 - IDBI has appointed I-Flex Solutions Ltd, the information technology
 arm of Citibank, to implement an integrated banking solutions package
 in a phased manner over 12-18 months.
 
 - Industrial Development Bank of India has set up two internal task
 forces, one to explore opportunities to enter the insurance sector,
 while the other to lead IDBI Intech, a newly form IT subsidiary.
 
 - Industrial Development Bank of India is considering hiving off its
 venture capital scheme as a separate company before the end of the
 year.
 
 - 18,074,300 partly paid up equity shares of face value of Rs 10/-
 each were forfeited on August 25.  Consequently, (i) the aggregate
 face value of Rs 180,743,000 has been reduced from the Subscribed and
 Paid up equity capital, (ii) allotment money in Arrears of Rs
 135,557,250
 has been written down fully and (iii) Forfeited shares account has
 been credited by Rs 45,185,750 being the amount actually paid up on
 the forfeited shares.
 
 - The Bank is re-entering the retail market after about eight months,
 with its Flexibonds-9 issue.
 
 - The Company proposes to exercise the call option and redeem Easy
 Exit  Bond and Regular Income Bond at face value plus interest
 accrued and outstanding at the end of 5 years from the date of
 allotment, i.e. March 18, 2001.
 
 - IDBI issued bonus equity shares in the ratio of 3:5 that is, three
 bonus shares for every five equity shares held.
 
 2001
 
 - India Post and Industrial Development Bank of India (IDBI)
 Principal Asset Management Company have entered into a joint
 partnership to make available current and future investment
 opportunities through post offices across India.
 
 - The Industrial Development Bank of India and Morgan Guaranty Trust
 Company of New York have entered into a long-term rupee interest rate
 swap.
 
 - The Industrial Development Bank of India has launched a new company
 
 - IDBI Trusteeship Services Ltd. for carrying out trusteeships and 
 other related business.
 
 - Industrial Development Bank of India has formed a new company --
 IDBI Trusteeship Services Ltd. for carrying out trusteeship and
 related businesses.
 
 - IDBI has sold 1,40,845 No. of equity shares for Rs 15 each of
 Pennar Profiles to P Udaya Bhaskara Reddy, a strategic investor, as
 part of the arrangements enteredinto by the promoters of Pennar
 Profiles with IDBI.
 
 - The Bank has launched a non-convertible debentures issue to raise
 at least Rs 500 crore.
 
 - The Government has re-appointed Mr S.K. Chakraborty as the acting
 Chairman and Managing Director of Industrial Development Bank of
 India (IDBI). Mr Chakraborty has been given an extension of three
 months beginning May 1 or till a regular CMD is appointed.
 
 -Credit Rating and Information Services of India Ltd (Crisil) has
 downgraded the outstanding bond issues and the certificate of deposit
 programme of the Industrial Development Bank of India. 
 
 -Industrial Development Bank of India has picked up over 30 per cent
 equity stake in a Chennai-based high-end animation and motion
 graphics company, MUV Technologies, by investing Rs 2.7 crore. MUV
 Technologies, which has already set up the studio, is engaged in the
 development, production and creation of high concept, professional
 computer animation, visual effects and motion graphics.
 
 - The Credit Rating Information Services of India Ltd (Crisil) has
 assigned a rating of ‘AA+’, indicating high safety to the the
 Industrial Development Bank of India’s (IDBI) Rs 2,500-crore 
 ‘Flexibonds’ and Rs 6,343 crore ‘Omni bonds’ programme
 
 - IDBI bank has plans to open over200 atms soon in a bid to expand
 its operations in India and thus position itself to become a fast
 growing entity.
 
 -The Finance Ministry did a last-minute volte face on July 30, asking
 Mr S.K. Kapur to temporarily head the Industrial Development Bank of
 India (IDBI). This is the fourth time that the Ministry has hesitated
 from appointing a full-time Chairman for the top term-lender.
 
 2001
 
 - India's largest term lender Industrial Development Bank of India
 raised Rs 55 crore (.68 million) through a private placement of
 90-day commercial paper, debt dealers said.
 
 2002
 
 - Industrial Development Bank of India has informed that Mr T M
 Nagarajan has been appointed as Whole Time Director (designated as
 Deputy Managing Director) of IDBI for the period from the date of
 taking charge and upto September 30,2002.
 
 -Industrial Development Bank of India has informed  that Govt of
 India, vide notification dated July 19, 2002 has appointed Shri D C
 Gupta, Secretary Financial Sector, Ministry of Finance, Dept of
 Economic Affairs as a Director on the Board of Industrial Development
 Bank of India wef July 19, 2002.
 
 -Industrial Development Bank of India has informed BSE that the
 shareholders other than Central Government have elected the following
 three Directors in the AGM held on August 02, 2002
 
 Mr Ravi Veera Gupta
 Mr Manohar Gopal Bhide
 Mr Jamshed J Irani
 
 -Appointed as the lead manager to the 1000 mw Maithon Power Company
 
 -Board accords in-principal approval for group's entry into
 non-life/reinsurance broking business
 
 -Receives from the Asian Development Bank a line of credit worth 0
 million
 
 -Slashes interest rates on Flexibonds by 25 basis points
 
 -Gives revamping package for Natco Pharma Ltd.
 
 -Enters domestic market with Omni bonds worth Rs 250 cr
 
 -Sets up a body of Rs 100 crore exclusively for providing support to
 the film industry
 
 -Promoters of Visaka Industries Ltd buy-back 4,63,858 equity shares
 of face value Rs.10/- each held by Industrial Development Bank of
 India at a price of Rs.23/- per share
 
 -ICRA assigns downward rating to IDBI long-term programmes
 
 -FIs, banks given more power to recover NPAs through Asset
 Reconstruction Ordinance
 
 -Comes out with the issue of Flexibonds-14 with four bonds on July 26
 to collect a total of Rs 200 crore
 
 -Refuses to accept GE-Bechtel offer to restart Dabhol Power Company
 (DPC)
 
 -Mops up Rs 337 cr by securitising loans to three firms
 
 -Buys back Float Rate Notes of 0 mn
 
 -Hits market with 9.4% interest for five-year retail bonds
 
 -Reports drop in non-performing assets (NPAs) at Rs 1,300 crore
 
 -Raises Rs 415 cr through Flexibonds-15
 
 -Government gives nod for the restructuring package for the company
 by repealing the IDBI Act and facilitating the conversion of the
 development financial institution into a stand-alone bank
 
 -Endorses proposal to purchase DPC power at Rs 2.80/unit
 
 -Reduces Flexibonds interest rate by 25-85 basis points
 
 -Sells 2,98,174 fully paid equity shares of Rs 10/- each of Infotech
 Enterprises, reduces the holding in the company to 4.51%
 
 2003
 
 -Refunds 0,000 deposit amount to DPC bidders with a view to sell
 assets of DPC
 
 -IDBI board okays 50 % Asset Management Company (AMC) stake sell off
 to Principal Financial Group of the USA
 
 -Offloads 25 lakh Discount and Finance House of India (DFHI) equity
 shares to State Bank of India (SBI)
 
 -Seizes salt refinery of Ganesh Benzoplast under Securitisation Act
 
 -Centre permits IDBI to reissue Statutory Liquidity Ratio (SLR)
 bonds
 
 -Divests its 50% stake in  AMC & trustee company in favour of
 Principal Financial Group of the USA for Rs 94 crore
 
 -Takes possession on the second resort of Suman Motels Ltd. under the
 Securitisation Act
 
 -Modifies its financing pattern for films by doing away with
 profit-sharing or overflow, and the completion bond guarantee
 
 -Acquires entire stake of Tata Finance Ltd. in Tata Homefinance Ltd.
 for Rs 49.98 crore, enters housing finance sector
 
 -Offloads its stake in Gujarat Borosil Ltd. to Vulcan Exports Ltd. 
 
 -Sells 7.56 crore shares in Mangalore Refinery & Petrochemicals Ltd.
 (MRPL) to Oil & Natural Gas Corporation Ltd. (ONGC)
 
 -Signs a formal subscription Agreement on July 7, 2003 with Nepal
 Development Bank Ltd. (NDBL), a private sector development bank in
 Nepal. Buys 10% stake in NDBL
 
 -Acquires the knit processing unit of Suditi Industries Ltd on July 4
 which is situated close to Navi Mumbai under the Securitisation Act
 
 -Sues Spectrum Power Generation Limited (SPGL) for allotment of
 shares worth Rs 23.25 crore in SPGL
 
 -J K Corp allots 26,53,500 shares to IDBI by way of conversion of
 part of rupee term loans into equity shares of the company under
 restructuring scheme
 
 -IDBI, IFCI ink deal to launch SLR bonds
 
 -Lok Sabha introduces IDBI (Transfer of Undertaking and Repeal) Bill,
 2002 on August 14 which will pave the way for the transformation of
 the institution into a bank
 
 -Acquires CMM Studios under Securitisation Act
 
 -Appointed P P Vora, chairman and managing director, IDBI, as the
 chairman of it's new housing finance arm
 
 -IDBI Homefinance mops up  million through external commercial
 borrowings
 
 -Clears restructuring package for Stone India Ltd.
 
 -IDBI Homefinance reduces home loan rates up to 150 basis points
 
 -Ties up with Andhra Bank to sell Governtment of India (GOI) saving
 bonds
 
 -Acquires 1,62,87,668 shares amounting to 5.51% of the total paid up
 capital of Recron Synethetics Ltd.
 
 -UTI Chairman & Managing Director (CMD) Mr. M Damodaran takes charge
 as CMD of IDBI and holds concurrent charge from October 1 as part of
 an interim arrangement
 
 -Mr P P Vora has withdrawn from the board of IDBI Bank wef November
 4, 2003.
 
 Further, Industrial Development Bank of India (IDBI) has notified
 nomination of Mr M Damodaran, CMD, IDBI as its nominee director on
 the Board of the bank wef November 4, 2003 in place of Mr P P Vora.
 
 -Lok Sabha clears  Industrial Development Bank (transfer of
 undertaking & repeal) Bill of 2002
 
 2004
 
 -IDBI rejigs debt borrowing program
 
 -IDBI gets a bonanza out of IFCI-PNB amalgamation
 
 -Industrial Development Bank of India (IDBI) has informed that the
 Government of India, Ministry of Finance vide notification dated
 February 4, 2004 states that in supersession to the notification
 dated September 29, 2003 and consequent upon the approval of the
 Appointment Committee of the Cabinet, it has decided to entrust the
 additional charge of the post of Chairman and Managing Director
 (CMD), IDBI to Shri M. Damodaran, Chairman, Unit Trust of India
 w.e.f. October 1, 2003 to May 31, 2004.
 
 -Standard & Poor's (S&P) Ratings Services on February 19 assigned
 Industrial Development Bank of India's (IDBI) proposed 0 million
 senior unsecured notes a 'BB' rating. An obligation rated BB is less
 vulnerable to non-payments and other speculative issues. However, it
 faces major ongoing uncertainties or exposures to adverse business,
 financial or economic conditions, which could lead to obligour's
 inadequate capacity to meet its financial commitments on the
 obligation.
 
 --Industrial Development Bank of India [IDBI] has  acquired 17,60,000
 shares amounting to 12.11% of the total paid up capital of Soma
 Textiles Limited.
 
 
 
 
 2004
 
 -The promoters of Eastern Threads Ltd (ETL) have purchased 4 lakh
 equity shares of face value of Rs 10 each of ETL, from Industrial
 Development Bank of India, at a price of Re 1 per share. The
 transaction constituted over one per cent of the paid up capital of
 the ETL.
 
 -IDBI acquires 46 lakh shares of Mysore Cements
 
 -Mr Damodaran has been appointed CMD at IDBI with effect from June 1,
 2004 till May 31, 2007
 
 -IDBI - Launch of sixth tranche of IDBI Omni bonds (2004-2005)
 
 2005
 
 -Industrial Development Bank of India Ltd (IDBI) has informed that
 the Public Issue of IDBI Flexibonds - 23, which was opened for
 subscription on March 21, 2005 has been closed on March 29, 2005.
 
 -IDBI enters into CO-Financing tie-up with SIDBI.
 
 2006
 
 -IDBI signs MoU with Fortis
 
 -IDBI bags IT Team of the Year Award 2005.
 
 -IDBI sets up new branch in Andheri
 
 -IDBI - Tripartite MOU with Federal Bank & Forties Insurance
 International
 
 -IDBI bags Asiamoney's Best India Deal of the Year Award 2005.
 
 -IDBI Launches No Frills 'Sabka' Savings Bank Account.
 
 2007
 
 - Industrial Development Bank Of India Limited has informed that as
 per provisions of Article 134 to 138 of the Articles of Association
 of IDBI Ltd., read with Sections 255 and 256 of the Companies Act,
 1956, the shareholders have re-appointed the following two directors
 after retirement by rotation on the Board of Directors of IDBI Ltd.
 in the 3rd Annual General Meeting of IDBI Ltd. held on June 22, 2007.
 
 
 (1) Shri Hira Lal Zutshi and
 
  (2) Shri A. Sakthivel
 
 -IDBI Wins Three Awards at the ABCI 
 
 -IDBI signs MOU with IFC for co-operation in Clean Development
 Mechanism (CDM) Projects 
 
 -IDBI, Federal Bank and Fortis Sign Joint Venture Agreement To
 Establish A New Life Insurance Company In India 
 
 -IDBI Launches new 600 days ‘Suvidha Plus’ FD Scheme 
 
 2008
 
 -Industrial Development Bank Of India Limited has submitted to a copy
 of the Resolution passed by the Board by circulation on March 12, 2008
 in respect of change of name of the Bank to IDBI Bank Limited by
 passing a Special Resolution through Postal Ballot in terms of
 Section 192A of the Companies Act, 1956.
 
 -Company name has been changed from Industrial Development Bank of
 India Ltd to IDBI Bank Ltd.
 
 -IDBI bags two Special IT Awards from IBA
 
 -IDBI ties up with Motilal Oswal Securities for online trading
 
 2009
 
 - IDBI Bank has slashed its benchmark prime-lending rate (BPLR) by 25
 basis points to 12.75 per cent. The reduction will come into effect
 from July 1 and will apply to all loans linked to the BPLR, including
 home loans, according to a press release from the bank. The bank cut
 deposit rates by 25-50 basis points earlier this week. 
 
 -IDBI Bank bags IBA's prestigious Banking Technology award 
 
 -IDBI Bank Ltd and Tata Motors Limited (TML) sign MoU for Vehicle
 Loan Financing
 
 2010
 
 - IDBI Bank has opened its first overseas branch at the Dubai
 International Financial Centre.
 
 2011
 
 - IDBI Federal Life launches new plan for senior citizens.
 
 - IDBI bank has decided to opt for ‘Mystery Shopping’
 method in order to keep an eye on the feedback on customer
 experience, their perception and expectations. 
 
 - IDBI Bank Ltd has informed BSE that Government of India (GoI) has,
 vide its letter dated December 27, 2011, advised that GoI is actively
 considering the Bank's request for capital support and intends to
 infuse capital funds in the Bank by way of Preferential Allotment of
 Equity in favour of GoI, subject to necessary approvals from the
 Board of Directors and various other statutory bodies.
 
 - IDBI Bank Ltd has informed BSE that consequent upon posting of
 Shri. S N Baheti, CGM & Company Secretary to Priority Sector Group of
 the Bank, Shri. Pawan Agrawal, CGM, Board Department has been
 appointed as Company Secretary & Compliance Officer of the Bank vide
 approval of the Board of Directors accorded by Circular Resolution
 passed on May 18, 2011 in terms of the Provisions of Clause 47(a) of
 the Listing
Agreement and Section 383A of the Companies Act, 1956 read with Article 156 of the Articles of Association of the Bank. - Despite the low fee quoted in the bid to match, IDBI bank managed to win the mandate of the public offer (IPO) of National Building Construction Corp Ltd (NBCC). The bid invited was supposed to appoint two merchant bankers for the issue, last month. Further, selection of the bankers was through a two stage-process of technical and financial bids. 2012 - IDBI Mutual Fund launched a new open ended fund of funds scheme named “IDBI Gold Fund&rdquo. - IDBI Bank cuts interest rates on home loans, slashes deposit. - IDBI Bank appoints B K Batra as whole time director. - IDBI Bank has launched an online portal, IDBI Samriddhi, to sell its Certificate of Deposits (CDs) to the individual and institutional investors, thus adding another milestone in the increasing role of technology in the banking sector.
Source : Dion Global Solutions Limited
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