Financial Daily from THE HINDU group of publications
Thursday, Apr 06, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 06, 2006 |
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Money & Banking
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Public Sector Banks Indian Bank allowed to write off losses Our Bureau
New Delhi , April 5 In what would pave the way for an initial public offer (IPO) by Indian Bank, the Union Cabinet on Wednesday gave its nod to write off the bank's accumulated losses of Rs 3,830.14 crore against its capital of Rs 4,573.96 crore. The Cabinet also gave its approval to convert a portion of the remaining equity capital of Rs 743.82 crore into preference share capital, in line with the Reserve Bank of India guidelines. Even in the past the Government had permitted similar to write off of losses by 13 other nationalised banks at a time when these banks were fully State-owned. Indian Bank has been making operating profits from 1999-2000 and net profit from 2001-02. Meanwhile, the Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its approval to ICICI Venture Funds Management Company Ltd to raise $750 million by way of issue of unit capital on a repatriable basis from non-resident Indians, persons of Indian origin and foreign investors. The CCEA has said that the proceeds would have to be invested by ICICI Venture Funds in sectors permitted under the current FDI regulations and should adhere to the sectoral caps.
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