Friday, January 15, 2016

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

Public sector lender IDBI Bank Ltd will raise Rs 3,771 crore instead of an earlier plan of raising Rs 2,800 crore through the qualified institutional plans (QIP) route.

"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 Govt. of India's approval dated December 30, 2015," IDBI said in a BSE filing.

The bank board of the bank also approved the visit of a top management team of the bank to larger domestic and International investor centres to target major investor hubs and BFSI-focused 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 the QIP route.

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