IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition. IDBI Bank has also completed due diligence, an exercise undertaken by the acquirer to assess the value of the entity before purchasing it, a source close to the development said. When contacted, Federal Bank Managing Director & CEO M. Venugopal declined to comment on the matter. The acquisition, if it materialises, would enable IDBI to consolidate its position among State-run banks by strengthening key segments such as branch network, human resources and client acquisition, besides augmenting its deposit-base. […]

Puneet Dalmia, managing director of Dalmia Cement, has said the company is close to raising USD 100–200 million by diluting 10-15% stake in the company and is in talks with various foreign institutional investors (FIIs), reports CNBC-TV18. Additionally, he said, the company was also looking to offload stake in Dalmia Cement Ventures, a wholly-owned subsidiary, to about four-five private equity players. Gautam Dalmia, the joint managing director, said there were no listing plans for the subsidiary, for the next 12 to 18 months. On cement prices, he said the current volatility was expected and that prices have recovered from November lows and had bounced back 10%. […]