IDBI Bank has deferred tax assets of Rs 11,520 cr, 120 properties in 7 cities
IDBI Bank that the lender has deferred tax assets of Rs 11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai.
In response to the pre-bid queries from prospective asset valuers of IDBI Bank, the Department of Investment and Public Asset Management (DIPAM) said 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 Rs 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.
DIPAM further said the asset valuer shall 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.
Giving details of asset properties in the seven cities, DIPAM 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.
In response to pre-bid queries from asset valuers regarding a list of assets and properties held by the bank, DIPAM 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
