IDBI Bank drops amid volatility

IDBI Bank lost 0.93% to Rs 106.80 at 15:23 IST on BSE after the bank said its board of directors approved raising of funds by way of private placement/public issue/reverse enquiry/issuances under MTN programme during FY 2015.

The announcement was made after market hours on Friday, 4 July 2014.

Meanwhile, the S&P BSE Sensex was up 153.82 points or 0.59% at 26,115.88.

On BSE, so far 3.17 lakh shares were traded in the counter as against average daily volume of 6.85 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.15% at the day's low of Rs 106.55 so far during the day. The stock rose as much as 1.57% at the day's high of Rs 109.50 so far during the day. The stock had hit a 52-week low of Rs 52.30 on 4 September 2013. The stock had hit a 52-week high of Rs 116.50 on 9 June 2014.

The large-cap bank has equity capital of Rs 1603.94 crore. Face value per share is Rs 10.

IDBI Bank said that the board of directors of the bank has approved the proposal for mobilization in one or more tranches of Rs 4000 crore and foreign currency resources upto $7.5 billion equivalent outstanding, comprising of Senior Bonds, Basel III Compliant Tier II/Additional Tier I Bonds, by way of Private Placement/Public Issue/Reverse Enquiry/Issuances under MTN programme during the financial year ending 31 March 2015 (FY 2015).

IDBI Bank's net profit declined 6.5% to Rs 518.23 crore on 4.3% growth in total income to Rs 7866.52 crore in Q4 March 2014 over Q4 March 2013.

The Government of India (GoI) holds 76.5% stake in IDBI Bank (as per the shareholding pattern as on 31 March 2014).

Powered by Capital Market - Live News