Government of India (GoI) has infused Rs 2,229 crore into Public sector lender IDBI Bank in lieu of preferential allotment of shares. The government approved and sanctioned the release of Rs 2,228.99 crore on December 28 towards its contribution in the preferential allotment of over 29.60 crore equity shares at a price of Rs 75.28 per unit.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. The bank reported 0.85% rise in its net profit at Rs 119.5 crore for the quarter ended September 30, 2015 as compared to Rs 118.49 crore for the same quarter in the previous year.
