Debt-ridden IDBI Bank on Friday clarified to exchanges that no discussion has taken place in the board of IDBI Bank.

Media reports suggested insurance behemoth Life Insurance Corporation (LIC) will inject Rs 13,000 in to the state-run bank.

IDBI Bank said, "It is hereby informed that no such discussion has taken place in the Board of IDBI Bank. In case such communication is received or such matter is discussed in the Board Meeting, the disclosure thereof will be made immediately to the Stock Exchanges."

As the government makes efforts to revive the fortunes of IDBI Bank, which is saddled with huge amounts of bad loans, government wants to sell its majority stake in the bank to state-owned financial players, as it fears private players may acquire the stake at low cost.

A listed entity, IDBI Bank is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of latest March quarter. During the three months, the lender's net loss stood at Rs 5,663 crore.

The bank has a market capitalisation of nearly Rs 23,000 crore, while its real estate assets as well as its investment portfolio are estimated to be worth over Rs 20,000 crore.

IDBI Bank's real estate assets are worth about Rs 7,000 crore, while its non-core assets, which include investments in NSE, NSDL, IDBI Federal Life, IDBI Mutual Fund and IDBI Capital Markets, are also valued around Rs 7,000 crore.

First Published:Jun 29, 2018 2:34 PM IST