IDBI Bank said that its board will meet on Thursday, 29 October 2020, to consider fund raising via qualified institutions placement of equity shares.
A meeting of the board of directors of the bank is scheduled to be held on Thursday, 29 October 2020, to consider and approve raising of funds through issue of equity shares through qualified institutions placement, the bank said after market hours on Monday, 26 October 2020.
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.
As on 30 September 2020, the Government of India holds 47.11% stake, while Life Insurance Corporation of India held 51% stake in the IDBI Bank.
The scrip shed 0.78% to Rs 38.30 on the BSE. It traded in the range of 38 and 38.95 so far during the day.
On a year-to-date (YTD) basis, the stock has gained 3.51% while the benchmark S&P BSE Sensex lost 2.63% during the same period.
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