CORRECTED: IDBI Bank says defaulting diamantaire owes only ₹16.7 crore in principle

• Mumbai-based diamond merchant Sanghavi Diamonds owes IDBI Bank ₹16.72 crore in principle.
  
• IDBI Bank is owned by the Life Insurance Corporation of India and its initial public offering (IPO) is anticipated next year.
  
• Check out the latest news and updates on Business Insider.
  

Correction: The initial article reported by news agency IANS said that the bank's exposure to the defaulter was ₹6,710 crore. However, it has been corrected to reflect the statement issued by the IDBI Bank to the exchanges at 9:47 p.m.

“IDBI Bank has exposure to M/s Sanghavi Exports International Pvt. Ltd. (which is NPA), but the current Principal Outstanding is only Rs. 16.72 crore (Rupees Sixteen Crore and Seventy Two Lakh only) and the account is fully provided. IDBI Bank has initiated requisite actions to recover its outstanding dues,” the bank said in a statement filed with the stock exchanges.

The earlier IANS report, which was published without changes, said that its efforts to get a version from the IDBI Bank's team did not materialize.

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