MUMBAI (Reuters) – 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 453.96 billion rupees ($5.52 billion) 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.
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.
($1 = 82.1970 Indian rupees)
(Reporting by Ira Dugal; Editing by Dhanya Ann Thoppil)
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