IDBI Bank increases QIP size to Rs 3,771 cr
Public sector lender IDBI Bank has increased the size of equity share offering to Institutional Investors to Rs 3,771 crore from original size Rs 2,800 crore in line with the government’s approval.
N S Venkatesh, executive director and chief financial officer, said the top management of bank will hold meeting with big-ticket domestic and foreign investors till January 25, 2016 for Qualified Institutional Placement (QIP).
The IDBI stock was trading lower at 64.3 per share on Bombay Stock Exchange.
The government holds 76.5% stake in the bank. The government has demonstrated continued support to IDBI through equity infusions at regular intervals. The recent equity infusion of Rs. 2,229 crore, was done on December 29, 2015).
Mumbai-based lender has already raised tier II capital worth Rs 1,900 crore through private place to strengthen capital adequacy.
The capital adequacy ratio was 11.66% with tier-I of 8.04% at the end of September 2015 against 11.71% a year ago in September 2014.
Read full article: Business Standard
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