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IDBI Bank to raise Rs 3,771 crore through QIP route

21 Jan 2016 Evaluate

IDBI Bank, the public sector lender has decided to raise Rs 3,771 crore instead of an earlier plan of raising Rs 2,800 crore through the qualified institutional plans (QIP) route. The bank’s board of directors has approved revising the QIP issue size from Rs 2,800 crore approved by the board on November 4, 2015, to Rs. 3,771 crore, in line with the Government of India's approval dated December 30, 2015.

The Board also approved the visit of Top Management Team of the Bank to larger Domestic and International Investor Centres to target major investor hubs and BFSI focussed investors including meetings with big-ticket domestic and foreign investors during the period from January 14 till January 25, 2016 in connection with raising of equity capital of the Bank through QIP route.

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.

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