IDBI Bank Gets Shareholders’ Nod To Raise Rs 11,000 Crore
People stand outside a branch of IDBI Bank Ltd. in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

IDBI Bank Gets Shareholders’ Nod To Raise Rs 11,000 Crore

Bookmark

IDBI Bank Ltd. on Tuesday said it has received shareholders' approval to raise up to Rs 11,000 crore by issuing shares through various modes.

The decision was taken at the bank's annual general meeting that took place on Aug. 17, 2020, through audio-visual means.

The AGM (represented by shareholders) enabled the resolution for issue of shares aggregating up to Rs 11,000 crore (inclusive of premium amount) through various modes of issue, including QIP (qualified institutions placement), said the LIC-backed private sector lender in a regulatory filing.

Among other resolutions passed at the AGM were re-appointment of Rajesh Kandwal as a rotational director as a nominee of the Life Insurance Corporation, who offered himself for re-appointment, IDBI Bank said.

Besides, the shareholders gave nod to appoint Meera Swarup and Anshuman Sharma as rotational directors during their tenure as government nominee directors on the board, it added.

LIC held 51% share in IDBI Bank as on June 30, 2020, while the government shareholding stood at 47.11%, as per the data on BSE.

Originally a public sector lender, IDBI Bank became a private sector firm post-acquisition of 51% take in it by LIC in January 2019.

Shares of IDBI Bank closed 2.07% up at Rs 39.40 apiece on the BSE.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.