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IDBI Bank gets shareholders’ nod to raise Rs10,000 crore

LiveMint logoLiveMint 19-07-2017 PTI

New Delhi: IDBI Bank’s shareholders have approved a proposal to raise up to Rs10,000 crore through various modes including qualified institutional placement (QIP).

The decision was taken at the bank’s annual general meeting on Tuesday, IDBI Bank said in a regulatory filing. The bank said that among the resolutions passed at the AGM were the issue of shares aggregating up to Rs5,000 crore through various modes of issue including QIP and mobilisation in one or more tranches up to Rs5,000 crore comprising of bonds by way of private placement/public issue.

Earlier in June, the bank had said that it requires to maintain its tier-1 capital and in view of ongoing expansion plans, implementation of Basel III norms and consequential capital charge, there is a “need to increase the capital to further strengthen the capital adequacy ratio.”

The shares of the bank on Wednesday closed 0.26% higher at Rs58.10 apiece on BSE.

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