The Left Front, which ruled Tripura for 25 years since 1993, was defeated by the BJP and IPFT combine in the election this year.
With over Rs 55,000 crore debt its its books, Air India management has been trying to pare burden by monetising non-core real estate properties.
LIC's open offer to purchase 26 percent shares of IDBI Bank opened on December 3 and will close on December 14.
Life Insurance Corporation (LIC) has generated a total valuation surplus of Rs 48,444.82 crore for fiscal 2018, which is 10.1 percent higher than what it had generated in the previous fiscal, the Corporation said in a statement Friday.
With the deal, the insurer would have access to around 2,000 branches of the bank through which it can sell its products.
Due to lack of clarity on the stake sale in IDBI Bank, there was an impact on the business of its life insurance joint venture: IDBI Federal Life
A source told Moneycontrol that the MCA may take a view on this even as the SFIO is already looking into charges of mismanagement at IL&FS.
Market folklore says that 95% of option buyers lose money. On the contrary, Subhadip Nandy consistently makes money taking directional trades using option strategies.
Of the all 24 life insurance companies, state-owned LIC witnessed a decline of nearly 30 per cent as premium income from new policies to Rs 10,778.81 crore in September as against Rs 15,302.99 crore in the same month previous year.
The open offer is in connection with the LIC's acquisition of 51 percent controlling stake in the state-owned IDBI Bank.
The latest instance of LIC providing life support to yet another government organization that had its debts called in has attracted criticism. The main thrust of said criticism is the repeated use of LIC to rescue large financial corporations that seem to flounder due to dodgy decision making.
Earlier in the day, the IDBI Bank board approved the proposal for issuance of preferential shares in favour of LIC with a view to increase the share of insurer in the bank up to 51 percent.
Besides, the board approved increasing authorized capital of the bank from Rs 8,000 crore to Rs 15,000 crore.
“Their (IL&FS’s) biggest problem is they got the arbitration that they are not getting the order from NHAI and hence they have a liquidity issue,” sources said.
The LIC told Justice Vibhu Bakhru that it had in the past made several attempts to have bank of its own, but its endeavours had "failed" as "nothing fructified".
Economic Affairs Secretary Subhash Chandra Garg said markets regulator SEBI will have to take a decision on the open offer
LIC collected new business premium of Rs 1.34 lakh crore capturing a market share of 69.4 percent in FY18
At present, insurance behemoth LIC holds 7.98 percent stake in the public sector bank.
The rise in the level of non-performing assets (NPAs) has consequently led to more public money being injected into government banks to meet capital requirements
As per insurance laws, an insurer can only hold 15 percent stake in a single investee company. LIC will be an exception to this and hence required special permission from IRDAI.
The country’s largest insurer has not been able to beat the benchmark BSE Sensex index
LIC will own 51 percent in IDBI Bank after the deal and will be the bank's largest shareholder.
LIC will own 51 percent in IDBI Bank after the deal and will be the bank's largest shareholder
LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.
Taking into consideration the fact that the bank has been consecutively posting healthy operating profits, burgeoning provisioning to NPAs and write offs are acting as a drag on the bottom line of the bank, an official said.