IDBI Bank has received its shareholders’ nod to raise up to Rs 28,000 crore from a mix of equity and bonds. The shareholders have approved an enabling resolution for issue of shares aggregating up to Rs 8,000 crore inclusive of premium amount through various modes including Qualified Institutional Placement (QIP). Besides, shareholders have also given go-ahead for mobilisation of one or more tranches of up to Rs 20,000 crore, comprising bonds by way of private placement or public issue.
The government last December gave approval to IDBI Bank for raising Rs 3,771 crore during the year, by way of QIPs, a move which will dilute its holding by about 26% in the lender. The government's holding in the bank stands at 73.98% as on date.
