IDBI Bank deferred tax assets of ₹11,520 crore, 120 properties in 7 cities: Report
₹11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai. The Department of Investment and Public Asset Management (DIPAM) said, in response to the pre-bid queries from prospective asset valuers of IDBI Bank, that the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad. Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad.
“The intangible on the balance sheet of IDBI Bank primarily comprises deferred tax assets of around ₹11,520 crore," DIPAM said. Deferred tax asset commonly refers to overpayment of tax by an entity. Such excess tax paid can be adjusted against future tax dues.
ALSO READ: NCLAT adjourns hearing in ZEEL-IDBI case to 8 November DIPAM further said the asset valuer will further identify intangibles not on the IDBI Bank balance sheet like brand name, branch network and value them. The Terms of Reference for asset valuers included describing and listing of all the properties and assets, including intangibles such as trademark(s), title to property rights, being valued, as provided by the bank. Valuation of intangibles were required to be indicated separately.
DIPAM, while giving details of asset properties in the seven cities, informed the asset valuer that such assets account for 94 per cent of the total written down value (after accounting for depreciation) of fixed assets of IDBI Bank. The governmnet agency said that a complete list of IDBI Bank's fixed assets and relevant documents would be provided to the appointed asset valuer subsequent to execution of the confidentiality agreement. The government along with LIC is selling nearly 61 per cent stake in IDBI Bank and has received multiple Expressions
. Read more on livemint.com
