IOB to raise Rs 2,000 cr via pref allotment

Indian Overseas Bank will raise close to Rs 1,980 crore by making preferential allotment to Government of India and Life Insurance Corporation of India.

IOB’s Committee of Directors for preferential issue of shares, on February 21, fixed Rs 97.82 (including premium of Rs 87.82) as the price for the allotment of equity shares on preferential basis to the GoI and LIC.

While GoI will be allotted up to 17,12,32,876 shares for its capital contribution of up to Rs 1,675 crore, LIC would be allotted up to 3,09,37,467 shares (5 per cent of pre-issue capital) for its capital contribution of up to Rs 302.63 crore.

IOB has said that the number of shares to be allotted to both Government of India and LIC and its various schemes will vary according to the capital contribution from GoI and LIC and its various schemes respectively within the amounts mentioned above.

UCO Bank to issue 3.13 cr equity shares to LIC on preferential basis

Kolkata-based UCO Bank on Tuesday proposed an issue of 3.13 crore equity shares to Life Insurance Corporation of India on preferential basis. The decision was taken by the board of directors at a meeting in Kolkata this afternoon.

“The issue of 3.13-crore equity shares to LIC on preferential basis will be done at a price as determined in accordance with Securities Exchange Board of India (ICDR) Regulations 2009. It will be subject to approval of the Union Government, Reserve Bank of India and the bank's shareholders,” the bank said in a notification to the BSE on Tuesday.

LIC holds 8.44 per cent of the total number of shares of UCO Bank. It held a total of 5.3 crore shares in the bank as on December 31, 2011, as per data available on the shareholding pattern of the bank from the BSE.

Meanwhile, Allahabad Bank also plans to consider issue of equity shares on preferential basis to LIC at its board meeting on Wednesday.

Life Insurance Corporation holds 8.65 per cent of the total number of stocks of Allahabad Bank as on December 31, 2011.

PNB board to meet on pref allotment to LIC

Punjab National Bank’s board of directors will on February 22 consider issue of equity shares to LIC of India on preferential basis.

LIC may take up to 5% stake in Punjab & Sind Bank

The Government-owned Punjab and Sind Bank has decided to go for a preferential issue of shares to another state-run firm, Life Insurance Corporation of India (LIC).

Money realised through this issue will help the bank to strengthen Capital to Risk-weighted Assets Ratio (CRAR).

With the government being in a tight spot on the fiscal front, India's largest life insurance company is coming to the rescue of public sector banks to pump in funds to boost their Tier-I (core) capital.

After the government, LIC is the single biggest shareholder in majority of the public sector banks.

In the October- December 2011 period, India's largest life insurance company substantially upped stakes in State Bank of India, Punjab National Bank, Bank of Baroda and HDFC Bank.

Punjab & Sind Bank's share reacted positively to this news, closing with an increase of over 4 per cent to Rs 85.75. The bank, in a statement, said: “The Board of Directors of Punjab & Sind Bank has recommended preferential issue of equity shares to the LIC up to the extent of 5 per cent of the proposed total paid-up equity share capital of the Bank.”

A total of 1,12,91000 shares will be issued. Price will be decided later according to the SEBI's regulations.

The bank's CRAR came down to 12.99 per cent on December 31, 2011 from 14.13 per cent on December 31, 2010.

This ratio is an indicator of strength for lending money. The bank's credit surged to Rs 42,604 crore as on December 31 from Rs 37,806 crore a year ago showing a growth of Rs 12.69 per cent.

Air India begins sounding LIC and mutual funds for bond sale

Government-owned Air India, which is to issue non-convertible debentures (NCDs) to raise funds for repaying its debt mountain, has begun informally sounding Life Insurance Corporation (LIC) of India, mutual fund houses and government-owned non-life insurance companies to subscribe to the issue, bankers said.

Permission from a group of ministers came yesterday for the NCD issue, as part of a debt recast plan; it has still to be approved by the Cabinet.

The NCDs are, goes the proposal, to be guaranteed by the government and aimed to raise Rs 7,400 crore. They’d have a 20-year maturity and carry a slightly higher coupon rate than comparable government securities.

At present, the yield on government bonds maturing in 2030 is 8.55 per cent, according to Clearing Corporation of India data.

Sources said AI and merchant bankers to the issue would make a detailed presentation to prospective investors within the next few days. “We are yet to receive any formal proposal from Air India, but we will look into it. Since AI bonds will be government-guaranteed, these will be safe investments,” said a top LIC official.

Funds won’t be a problem for the insurance behemoth and it has plans to invest Rs 80,000 crore in debt and equities during the January-March period of the current financial year.

Of this, Rs 60,000-75,000 crore would be invested in debt instruments, with the rest to equities. So far during 2011-12, the largest life insurer in the country has invested Rs 1.15 lakh crore, of which Rs 25,000 crore was in equities.

Of around Rs 90,000 crore debt investments, a large part has gone to government securities and 25-30 per cent in corporate instruments. In 2010-11, LIC invested Rs 1.95 lakh crore, of which Rs 43,000 crore was in equities.

Of total AI debt of Rs 43,000 crore, as much as Rs 22,500 crore was proposed for restructuring. While Air India will pay back Rs 7,400 crore to banks, the remaining amount will be converted into long-term loans, with an interest rate of 11 per cent.

Due to the recast, banks have to make a provision of around Rs 2,000 crore. A consortium of 26 banks, including Punjab National Bank, Bank of Baroda and Central Bank of India, with State Bank of India as the lead institution, have exposure to the troubled carrier.

The Reserve Bank of India has said the restructuring should be completed by March 20, failing which banks have to classify the exposure as a non-performing asset.

Source: Business Standard

Provision reversal helps LIC Housing Fin net grow 43%

Helped in good measure by reversal in provisions, LIC Housing Finance Ltd has reported a 43 per cent increase in net profit at Rs 306 crore in October-December 2011, against Rs 213 crore in the corresponding year-ago period.

With the housing finance company aligning its provisioning policy on standard assets/ bad loans, to match with the revised norms prescribed by National Housing Bank (the housing finance regulator), LICHF has reversed the excess provision of Rs 79 crore in the reporting period.

While income from operations increased 32 per cent to Rs 1,539 crore (Rs 1,161 crore), ‘other income' dipped sharply by 97 per cent to Rs 4 crore (Rs 141 crore).

Explaining the reason for the drop in other income, Mr V. K. Sharma, Director and Chief Executive, LIC HF, said in the October-December 2010 period his company had recorded a one-time gain due to sale of a portion of its stake in LIC Mutual Fund to Nomura. During this period, LIC HF also received the proceeds from the sale of its stake in a Kotak Group promoted venture capital fund.

“This year, we don't have one-time gains,” said Mr Sharma.

Loan disbursals

In the third quarter, the company sanctioned and disbursed loans worth Rs 6,009 crore (Rs 5,302 crore) and Rs 4,568 crore (Rs 4,215 crore) respectively Disbursements in the developer loan segment were lower at Rs 154 crore against Rs 411 crore for the corresponding period in the previous year.

Net interest margin (interest income less interest expense divided by average earning assets) declined to 2.27 per cent in the quarter ended December 31, 2011, against 3.14 per cent in the corresponding year-ago period.

Mr Sharma attributed the fall in NIM to his company going slow on high yielding developer loans and rising cost of liabilities.

Interest rates, housing scenario

Despite rising property prices, there was good demand from home loans in Tier-II cities such as Patna, Bhubaneshwar, Vishakhapatnam, Vijayawada, and Coimbatore, said the LIC HF chief.

However, the Mumbai property market continues to remain static with developers not coming up with worthwhile projects. The Delhi and Bangalore markets are beginning to look up.

LIC HF expects its outstanding loan portfolio to grow to Rs 63,000 crore by March-end 2012.

Preference Issue

The housing finance company has not yet firmed up a decision on further issue of equity shares through preferential allotment and/or qualified institutional placement, said Mr Sharma.

Shares of LIC HF closed 2.23 per cent lower at Rs 246.05 on the BSE, against the previous close of Rs 251.65.

kram@thehindu.co.in

R. R. Nair reinstated as ED of LIC

Mr R. R. Nair, former Director and Chief Executive of LIC Housing Finance, has been reinstated in the Life Insurance Corporation of India as an Executive Director. In November 2010, the Central Bureau of Investigation had proceeded against Mr Nair and others in an alleged case of bribery for loans. Mr Nair was removed from the post after his arrest by the CBI. In his place, Mr V. K. Sharma was appointed as the head of LICHF.

The CBI had also moved against Secretary (Investments) LIC, Director (Chartered Accountant), Central Bank of India; General Manager, Bank of India; Deputy General Manager, Punjab National Bank; the Chairman and Managing Director and two other officers of a Mumbai-based private financial services company in the same case.

According to sources, LIC may have reinstated him as charges against him may not have been established as yet. Mr Nair has taken charge of the inspection department at LIC with effect from January 23.

LIC's health plan bags Golden Peacock award

Life Insurance Corporation of India has bagged the Golden Peacock Innovative Product/Services Award 2011 for its health insurance product, Jeevan Arogya.

The award was received by Ms Renu Jain, Head of Health Insurance Segment, LIC of India, at a function held in Bangalore last week.

First

Probably, this was the first time that a health insurance product was chosen for the Golden Peacock Award.

“Jeevan Arogya has been driving our growth in health insurance segment since its launch in June last year,” Ms Jain told Business Line here.

First premium

It had brought the first premium of Rs 63 crore within seven months of its launch.

Over 1.84 lakh policies of Jeevan Arogya have been sold so far, she added.

LIC crosses one-million mark in health insurance coverage

The Life Insurance Corporation of India has crossed the one-million mark in cumulative lives covered under its health insurance segment.

“One of the major drivers of this growth has been Jeevan Arogya, a benefit health insurance product launched last year,” Ms Renu Jain, Head, Health Insurance Business, LIC, told Business Line here on Friday.

The total number of policies was over 5.44 lakh. The cumulative lives covered were 10,04,525, while the premium was Rs 395 crore. Jeevan Arogya policy alone had brought the first premium of Rs 63 crore within seven months of its launch, Ms Jain said.

LIC had already sold 1.84 lakh policies of Jeevan Arogya so far, she added.

FOCUS

To give a fillip to sales, effort is on to market health insurance to its own employees and agents in addition to others.

“We are training two faculty members for each branch to explain the advantage of our health plans. A branch in Ludhiana recently became the first to have all employees buying our health plans,” she said.

The recent campaign to re-process claims which were rejected for want of documents earlier also yielded good results in improving the brand image and customer welfare, she added.

LIC is also hoping to take advantage of the increasing customer preference for benefit plans.

The market trends in health insurance were ‘wonderful' Ms Jain said, adding that the compounded annual growth rate was at 42 per cent during the last few years.

LIC Home Finance launches Rs 500 cr VC fund

Life Insurance Corporation's housing finance arm LIC Housing Finance (LICHFL) today launched a Rs 500-crore venture capital fund to finance realty and micro infrastructure projects.

LICHFL and LIC, have pooled in Rs 50 crore each and another Rs 100 crore have been raised through external investors to launch the fund.

The fund christened 'LICHFL Urban Development Fund' will be managed by LICHFL's dedicated subsidiary LICHFL Asset Management Company and targets to raise the remaining Rs 300 crore in the next nine months, LIC acting chairman DK Mehrotra said here.

Half of the amount will be invested in mid-income housing projects, while the other half will be dedicated to income yielding micro-infrastructure projects like schools, hospitals, special economic zones, industrial IT parks, the company said.

Stating that LICHFL's pedigree in the sector will be a big asset, Mehrotra did not answer queries on the timing of the launch.

With headwinds like repeated interest rate hikes, lower growth, job uncertainties and policy paralysis, the realty and housing sector is facing stress at present.

LICHFL Chief Executive VK Sharma said the company has invested in other similar realty-focused funds earlier too and the decision to enter the fray by themselves is prompted by handsome returns which have been yielded in the past.

For investors, LICHFL AMC is assuring a return of 12 per cent, he said, adding that it will be targetting institutional investors and high networth individuals to raise the balance amount.

Source: Business Standard

LIC to launch online term plan next month

Life Insurance Corporation (LIC) will sell its policy through the Internet for the first time with the launch of a pure term plan next month.

“The online term plan is ready.

“We had some issues that we have sorted out. It should be launched by the end of next month,” said acting chairman of LIC, Mr D. K. Mehrotra.

The premium rates of the online term plan are expected to be lower than what the company charges for the offline term plans.

deepa.n@thehindu.co.in

LIC Housing Finance banks on parent for revival

MUMBAI: LIC Housing Finance, the mortgage lender battered by corruption over a year ago, is leaning on its parent's ubiquitous 15 lakh agents and chasing middle-class customers sacrificing profitability, as it attempts to revive growth and erase the blot.

The second-biggest mortgage lender has slammed the doors on brokers, formed a risk-management team for the first time since beginning in 1989, and invested in technology to avoid a recurrence of events that shaved off more than a third of its market value within days of the arrest of its executives on corruption charges.

Investors who dumped LIC Housing shares after the arrest of its former chief executive in November 2010, are flocking back and have made it to outperform bigger rival Housing Development Finance Corporation and the benchmark indices last year.

Foreign investors now hold 49% of the company, up from 40% in December 2010. "We will primarily be with the end-user, typical middle class," says VK Sharma, chief executive at LIC Housing Finance. "That is why even in this high interest rate regime, we have not felt the stress. Margin on retail is less, so my net interest margin will come down."

LIC Housing's chief executive Ramachandran R Nair and seven bank and brokerage officials were arrested in November 2010 by the Central Bureau of Investigation for allegedly taking bribes and giving away improper loans. The lender slowed disbursals and top officials travelled to branches across the nation to lift staff morale and win back customers.

"The pedigree of the company remains that it is an LIC company," said Vibhav Agarwal, analyst at Angel Broking. "It enjoys the trust factor of LIC. People have forgotten that event."

Source: EconomicTimes

Axis Bank ranks number one in bond syndication market for 2011

Axis Bank maintained number one position in domestic bond syndication market for the fourth consecutive year, according to data released by Bloomberg. The private bank ranked first in year 2011 cornering 16% of market share in a year where corporates raised Rs 174700 crore through issuance of bonds.

Power Finance, HDFC, Rural Electrification, IDFC and LIC Housing Finance were top debt issuer contributing to 42.4% of total borrowings in the bond market.

Axis Bank arranged Rs 29700 crore while ICICI Bank, the number two arranger, had 13% market share and helped corporates raise Rs 22,700 crore in 2011.

Meanwhile State Bank of India pipped Kotak Mahindra Bank, Citi, A K Capital to emerge 9th in the list from 14th position it held last year. SBI arranged bond of Rs 6300 crore.

Similarly Real Growth Securities and IDFC Capital moved in higher position. While Real Growth was ranked 16th from 24th, IDFC was at 19th from 35th a year ago.

Bloomberg data shows that A K Capital and Barclays Capital lost out to their rivals. A K Capital was ranked 12th in 2011 from 8th position it held last year. Its market share also shrinked 2.8% from 5% a year ago. Similarly, Barclays was pushed to 5th position from 3th position last year. The British bank had market share was 6.9% from 8.5% last year.

Source: EconomicTimes

7 PSU banks, LIC, IICL to partner to boost infrastructure projects

India's top seven public sector banks, Life Insurance Corporation of India, and India Infrastructure Company Ltd are planning to join forces to give a fillip to large infrastructure projects.

State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India, Union Bank of India and IDBI Bank, the country's largest life insurance company (LIC) and the Government-owned non-banking finance company (IIFCL) are working out the modalities of undertaking joint appraisal and co-financing of infrastructure projects.

This consortium of nine State-owned financial intermediaries will constitute a committee of senior officials to consider the viability of large infrastructure projects (entailing a capital expenditure of Rs 1,000 crore or more).

Pact for financing modalities

A memorandum of understanding to formalise the joint infrastructure project financing arrangement is in the works.

The move to stitch together a grand alliance to put big infrastructure project proposals on the fast track comes at a time when inadequate infrastructure in segments such as roads, ports, airports, railways, power, oil and gas pipelines, irrigation, and water supply and sanitation is proving to be a constraint on growth, say bankers.

“Currently, a project developer or his debt arranger has to go to each bank and financial institution to get his project vetted and get loan sanctioned.

Hence, it takes a long time to achieve financial closure.

This delays commencement of the project.

Single point of contact

“Once this consortium of banks, LIC and IIFCL begins joint operations, project developers can look forward to a single point of contact for loan appraisal and sanction. So, projects can be quick off the blocks,” said a senior executive with a State-owned bank.

The combined balance-sheet strength of the above mentioned entities will ensure that large viable infrastructure projects will be fast-tracked.

Besides interest income, they can also earn a decent fee income.

Currently, the project developer pays fee to debt arrangers for helping tie up funds.

According to the Planning Commission's Draft Approach Paper for the 12th Plan (2012-2017), special attention needs to be paid to the financing needs of private sector investment in infrastructure.

The Paper has assessed that infrastructure investment will need to increase from about eight per cent of gross domestic product in the base year (2011-12) of the Plan to about 10 per cent of GDP in 2016-17.

Investment in infrastructure

The total investment in infrastructure would have to be over $1 trillion (Rs 53 lakh crore at the current exchange rate) during the 12th Plan.

A significant part of the supportive framework to enable manufacturing to expand rapidly in line with both domestic and overseas demand is the rolling out of adequate physical infrastructure support including electric power, railways, roads and ports, the Paper said.

According to the latest Reserve Bank of India data, infrastructure credit accounted for 14.11 per cent (or Rs 5,79,968 crore) of the non-food credit of Rs 41,10,331 crore as on November 18, 2011.

kram@thehindu.co.in

Claims settlement: LIC fares better than private insurers

Life Insurance Corporation of India has performed better in terms of claims settlement ratios as compared to private life insurance companies, according to the IRDA annual report.

“The claims settlement ratio of LIC was better than that of the private life insurers. Settlement ratio of LIC increased to 97.03 per cent during the year 2010-11 when compared to 96.54 per cent during the previous year,” the IRDA said in the report.

The percentage of claims rejected by LIC stood at 0.01. The ratio of claim rejections to total reported claims declined from 1.21 per cent in the previous year to 1 per cent in 2010-11.

Compared to LIC, private insurers rejected a large number of claims.

The per cent of claims rejections increased to 8.90 per cent in 2010-11 from 7.61 per cent in 2009-10.

Overall, the life insurance industry's settlement ratio has improved slightly to 95.58 per cent in 2010-11 from 95.24 per cent in 2009-10, and the claims rejection ratio has also gone up to 2.04 per cent in 2010-11 from 1.93 per cent in 2009-10.

Life insurers settled over 50 lakh maturity claims in 2010-11, paying a total of Rs 32,345 crore and the number of survival benefits paid in the year was over 1.35 crore for an amount of Rs 19,816 crore.

deepa.n@thehindu.co.in

Lok Sabha approves Bill to raise capital of Exim Bank

The Lok Sabha has given its nod for a Bill to enhance the authorised capital of Exim Bank of India from the existing Rs 2,000 crore to Rs 10,000 crore.

This Bill — Export Import Bank of India (Amendment) Bill, 2011 — was passed after Mr Namo Narain Meena, Minister of State for Finance, assured the Lower House that supremacy of Parliament was not being diluted and that Members of Parliament would have a say in future capital enhancements of Exim Bank.

“Capital infusion is made through Budget provision. It will have to come to you for approval,” Mr Meena said, responding to opposition members' concern over an open-ended provision in the Bill.

The Bill seeks to empower the Centre to raise the amount of authorised capital of Exim Bank from time to time through executive orders. Opposition parties criticised the UPA Government for its increasing tendency to bypass Parliament for taking crucial economic decisions.

Recently, in the case of Life Insurance Corporation, the Centre had moved a similar provision whereby it would have the powers to increase capital from time to time through executive orders. However, with the Left parties opposing such a move, the Centre modified its proposal and agreed to LIC Act amendment every time its capital needed to be increased.

krsrivats@thehindu.co.in

Pranab tells LIC to open branches in 18 districts in South India

Out of the 156 districts in the seven States/Union Territories in South India, 18 do not have a branch of the Life Insurance Corporation of India (LIC). Four districts do not have branches of non-life insurance companies, said the Union Finance Minister, Mr Pranab Mukherjee, at a press conference after chairing the meet with the chief ministers of south zone States/Union Territories and heads of public sector banks (PSBs) in Bangalore on Sunday.

Mr Mukherjee said he has instructed the LIC and non-life insurance companies to ensure that all districts have at least one branch or a satellite office in these districts in the coming year.

According to him, the southern region enjoys a healthy credit-deposit (CD) ratio. Tamil Nadu, Andhra Pradesh Karnataka and Kerala have shown an impressive growth of 177.2 per cent, 114.9 per cent, 74.6 per cent and 75.9 per cent. CD ratios of Pondicherry, Andaman and Nicobar, and Lakshadweep is, however, less than the 60 per cent benchmark.

Flow of credit

The overall flow of credit to the micro and small enterprises sector, which is next only to agriculture in terms of employment generation, is satisfactory, said Mr Mukherjee.

According to him, the outstanding MSE credit from PSBs by the end of March 2011 increased by 36.3 per cent against the target of 20 per cent growth.

He added that all southern States, except Andhra Pradesh, have attained the target of 20 per cent credit to the MSE sector. Except Andhra Pradesh and Tamil Nadu, all other States have achieved the target of 50 per cent credit flow to micro enterprises within the MSE sector.

He urged the State Governments to devise suitable schemes to improve credit flow.

On financial inclusion, the Finance Minister said nearly 11,114 villages, out of the 14,612 villages allotted to the southern States for provision of banking services, have been covered by the end of October 2011, which is 76 per cent of the target.

“For achieving the balance 24 per cent, we require a bit of effort on the part of the State Governments and banks,” he said.

LIC Housing Finance to launch fixed rate loans next month

LIC Housing Finance Ltd will roll out a completely fixed interest rate home loan product next month, according to Mr V. K. Sharma, the company's Director and Chief Executive.

“The product is ready. There is a possibility of interest rates going down. We plan to fix interest rate after the Reserve Bank of India's policy review on December 16,” Mr Sharma told newspersons after inaugurating a three-day property show here on Friday.

The product would be first of its kind in the home-loan market as all existing products are combination products with varying periods of fixed and floating rates.

“We strongly feel that there are customers who prefer fixed rate products,” Mr Sharma said. The proposed Rs 500-crore real estate venture capital fund would be launched in January with an initial fund size of Rs 200 crore.

“We have already tied-up for this amount and don't prefer to wait much longer for remaining amount. The first tranche will be launched next month,” he said.

On the market scenario, the official said demand for residential units in Tier-II and Tier-III cities was robust.

“In major cities there has been some stress, mostly driven by commercial property segment,” he added.

To coincide with the property show, a new product — New Freedom — was launched with a floating rate of interest at 10.40 per cent.

nagsridhu@thehindu.co.in

Dhanlaxmi Bank in pact with LIC for e-payments

Dhanlaxmi Bank has signed an Memorandum of Understanding (MoU) with Life Insurance Corporation of India to facilitate policyholders to receive policy payments through electronic funds transfer.

As per the agreement, the bank will provide electronic payment services to the corporation using the National Electronic Funds Transfer (NEFT) mode to credit funds to the policyholders' bank accounts.

This move is not only going to directly benefit customers of Dhanlaxmi Bank who hold LIC policies but also LIC policyholders having accounts with other banks. The bank will use the National Electronic Funds Transfer (NEFT) facility to transfer funds to policyholders' accounts across other banks.

Fin Min forms panel to review Govt's future role in IFCI

The Finance Ministry has set up a high-level panel to take a view on the government’s future role in the country’s oldest financial institution IFCI.

Last week, Finance Minister Mr Pranab Mukherjee cleared the setting up of the panel headed by Finance Secretary Mr R S Gujral, official sources said.

Last year, the Finance Ministry had initiated the process of appointment of a consultant to undertake a study on key strategic issues related to the company. However, it did not reach the logical conclusion.

The move to set up a panel now comes three years after an abortive attempt to induct a strategic partner in IFCI after the company did not agree with the demand of the highest bidder, Sterlite-Morgan Stanley JV, for management control.

The main hurdle in the way of stake sale is the lack of clarity on the optionally convertible debentures (OCDs) worth Rs 523 crore issued by the government. Also, the government has issued OCDs worth Rs 400 crore maturing in 2021.

“It (the committee) will decide on everything, whether it is our holding via debentures or the loan guarantees that the government has provided to the IFCI,” a source said.

The committee will decide on whether to convert OCDs into equity or not, sources said.

If these debentures are converted into equity, the government will have a direct equity holding in the company.

Besides, there is also a Rs 2,270 crore (as on March, 2011) outstanding government guarantees to various bonds issued by the financial institution.

At present, the government does not have any direct stake in IFCI. State-owned insurance firms and financial institutions, such as LIC, IDBI Bank and Punjab National Bank, own around 28.5 in the entity.