IDBI Bank gets shareholders nod to raise up to Rs 26,000 cr

Public sector lender IDBI Bank today said it has received shareholders nod to raise Rs 26,000 crore through a mix of equity and bonds to fund growth.
The bank in a statement today said, AGM convened yesterday has passed "enabling for issue of shares up to Rs 6,000 crore (inclusive of premium amount) through various modes of issues including QIP".
The fund from sale of shares would be raised in one or more tranches.
Besides, the bank plans to raise up to Rs 20,000 crore from bonds in one or more tranches during the current fiscal.
The fund would be raised by issuing "senior or infrastructure bonds, Basel III compliant or Additional Tier I Bonds by way of private placement or public issue during 2015-16 or during one year from the date of passing this resolution whichever is later", it added.

In addition, the bank also got approval for increase in the number of whole time directors (Deputy Managing Directors) from two to three.
The board of IDBI Bank has also approved the proposal for separating the post of Chairman and Managing Director into two posts of a Chairman and a Managing Director and CEO by effecting amendments in the Articles of Association.