Markets

IDBI Bank shares gain over 3% on fund-raising plans

PTI Mumbai | Updated on January 20, 2018 Published on February 24, 2016

Shares of IDBI Bank rose by over three per cent today as the company received markets regulator SEBI’s approval to raise Rs 3,771 crore through issuance of shares to qualified institutional players (QIPs).

The stock climbed 2.96 per cent to Rs 57.35 on BSE.

At NSE, shares of the company went up 3.14 per cent to Rs 57.45.

State-owned IDBI Bank has received SEBI’s approval to raise Rs 3,771 crore through the issuance of shares to QIPs, a move that would dilute the government’s holding significantly in the lender.

IDBI Bank in a statement yesterday said SEBI has acceded to the bank’s request to permit it to raise capital by issuing equity shares aggregating up to Rs 3,771 crore by way of a QIP subject to provisions.

“The bank is exempted from the applicability of Regulation 82(c) of SEBI (ICDR) Regulation, 2009, under Regulation 113 of SEBI (ICDR) Regulation, 2009,” it said.

The government holding in the bank stands at 80.16 per cent.

Published on February 24, 2016
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