IDBI Bank hits 52-week high on fund raising plans

IDBI Bank rose 2.63% to Rs 115.10 at 9:47 IST on BSE after the bank said its board has granted in principle nod for the proposal to raise equity capital to the extent of Rs 4000 crore through qualified institutional placement/follow-on public offer.

The announcement was made on Saturday, 7 June 2014.

Meanwhile, the S&P BSE Sensex was up 167.95 points or 0.66% at 25,564.41.

On BSE, so far 3.15 lakh shares were traded in the counter as against average daily volume of 5.39 lakh shares in the past one quarter.

The stock hit a high of Rs 116.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 114.05 so far during the day. The stock had hit a 52-week low of Rs 52.30 on 4 September 2013.

The stock had outperformed the market over the past one month till 6 June 2014, surging 64.93% compared with the Sensex's 12.83% rise. The scrip had also outperformed the market in past one quarter, jumping 91.06% as against Sensex's 18.05% rise.

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

IDBI Bank's board of directors at its meeting held on Saturday, 7 June 2014, granted in principle approval for the proposal to raise equity capital to the extent of Rs 4000 crore through eualified institutional placement (QIP)/follow-on public offer subject to statutory/regulatory approvals, if any.

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).

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