| IDBI Bank FPO likely in January | |
| Press Trust of India / New Delhi November 6, 2009, 14:18 IST | |
IDBI Bank today said it plans to come out with a follow-on public offer (FPO) in January next year.
"We plan to some out with an FPO in January," IDBI Bank Chairman and Managing Director Yogesh Agarwal told reporters here.
Asked about the amount that it plans to raise, Agarwal added: "Whole size of the issue would be double of what the Government of India is willing to subscribe." Currently, the government holds 52 per cent stake in the bank.
"I am waiting for the government's clarity as to how much money they (government) are giving to the bank," he said.
The bank is also planning to raise $500 million through bonds from overseas markets, he said.
The shares of the bank were trading at Rs 119.05 on BSE in afternoon trade, up by 1.67 per cent over the previous close.
Asked about IDBI home finance sale, Agarwal said sale is not going through because the government has not given permission.
"For present, it is not on our radar," he said adding " we are considering merger of the entity with the bank as one of the options."
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