IDBI Bank jumps 3.65% on Board nod for Rs 1500-cr fund raising

Shares of IDBI Bank today rose by 3.65 per cent after the entity announced plans to raise up to Rs 1,500 crore by selling stake to Life Insurance Corporation (LIC) by preferential issuance of shares.
The bank on Saturday said that its board has approved the proposal for preferential issue of capital to Life Insurance Corporation of India, aggregating up to Rs 1,500 crore (inclusive of premium amount), subject to government approval.
Shares of the bank soared by 3.65 per cent to settle for the day at Rs 56.85 on BSE. Intra-day it rose by as much as 4.37 per cent.

At NSE, the shares of IDBI Bank went up by 3.46 per cent to end the day at Rs 56.80.
LIC and various other schemes currently hold 7.25 per cent stake in IDBI Bank.