TimesBank promoters may offload partial stake - Views on News from Equitymaster

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TimesBank promoters may offload partial stake

May 26, 1999

A sale, if not a substantial reduction in the promoter's holding in TimesBank a wholly-owned subsidiary of Bennett, Coleman & Co could be well around the corner, reports the Financial Express. Among those who have done a recent due diligence on TimesBank are HDFC Bank and ICICI Bank. A strategic partner for TimesBank makes sense if it added value to the bank in terns of better practices, products and services, said Nani Jhaveri, TimesBank's managing director. It has been gathered that the Reserve Bank of India (RBI) is not averse to the idea of a local corporate entity picking up a substantial stake in TimesBank. Among the two corporate bodies whom the RBI has reportedly sounded out is the Aditya Birla group.

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