IDBI Bank board OKs Rs 8,000 cr bond borrowing limit for FY22

The board of the PSU bank on Friday, 26 March 2021, approved the rupee bond borrowing limit of Rs 8000 crore for FY 2021-22.

The bank said it will borrow in one or more tranches comprising of additional tier I (AT-1) bonds up to Rs 3000 crore and senior/infrastructure bonds up to Rs 1000 crore by way of private placement during FY 2021-22. The announcement was made after market hours on Friday, 26 March 2021.

The scrip rose 0.66% to end at Rs 38.10 on Friday on value buying. The stock declined 3.93% in the previous two sessions to end at Rs 37.85 on 25 March 2021, from its recent closing high of Rs 39.40 recorded on 23 March 2021.

Shares of IDBI Bank have gained 20.76% in one month, while the benchmark Nifty 50 index and the Nifty PSU Bank index declined by 0.15% and 11.61, respectively.

IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and MSME customers or agri-loans to farmers.

The bank's net profit stood at Rs 378.42 in Q3 December 2020 as against net loss of Rs 5,763.04 crore in Q3 December 2019. Total income fell 4.6% to Rs 5,932.25 in Q3 December 2020 compared with Rs 6,215.60 crore in Q3 December 2019.

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