IDBI Bank gains on fund raising plan
The board has cleared a proposal to raise as much as Rs 4,000 crore either through QIP or a follow-on equity issue.
IDBI Bank is trading higher by 4% to Rs 116 after state-owned bank said that its board has cleared a proposal to raise as much as Rs 4,000 crore either through qualified institutional placement (QIP) or a follow-on equity issue.
“The board has granted in principle approval for the proposal to raise equity capital to the extent of Rs 4,000 crore through qualified institutions placement (QIP) / follow-on public offer subject to statutory/regulatory approvals, if any,” IDBI Bank said in a statement.
The stock opened at Rs 114 and hit a fresh 52-week high of Rs 117 on BSE. A combined 1.4 million shares changed hands on the counter in early morning deals on the BSE and NSE.
“The board has granted in principle approval for the proposal to raise equity capital to the extent of Rs 4,000 crore through qualified institutions placement (QIP) / follow-on public offer subject to statutory/regulatory approvals, if any,” IDBI Bank said in a statement.
The stock opened at Rs 114 and hit a fresh 52-week high of Rs 117 on BSE. A combined 1.4 million shares changed hands on the counter in early morning deals on the BSE and NSE.