IDBI Ltd on Thursday announced the launch of IDBI Gilts Ltd as its wholly-owned primary dealer (PD) subsidiary.
"We see IDBI spanning all segments of the financial services space, be it banking, insurance, PD, asset management or private equity. I'm sure the new company will reach the pre-eminent position in the government securities market," IDBI Chairman and Managing Director V P Shetty said after inaugurating the IDBI Gilts office here.
IDBI was a leading primary dealer in the past and with the launch of the subsidiary today, "we will return to the top position and it will be the most profitable venture," Shetty added.
The new company has been set-up with net owned funds of Rs 100 crore in order to enable it to undertake permitted core as well as non-core activities.
Read more in The Economic Times article.
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