IDBI Bank shares end over 1% higher on fund raising plans

Shares of IDBI Bank ended with over one per cent gains today as the company received markets regulator Sebi's approval to raise Rs 3,771 crore through issuance of shares to qualified institutional players (QIPs).
After rising 3.77 per cent to Rs 57.80 in intra-day trade, shares of the company finally ended at Rs 56.40, up 1.26 per cent on BSE.
At NSE, the scrip settled with 1.43 per cent gains at Rs 56.50.
Volumewise, 6 lakh shares of the company changed hands at BSE and over 62 lakh shares were traded at NSE during the day.
State-owned IDBI Bank has received Sebi's approval to raise Rs 3,771 crore through issuance of shares to QIPs, a move that would dilute the government's holding significantly in the lender.

IDBI Bank in a statement yesterday said that Sebi has acceded to the bank's request to permit it for raising capital by issuing equity shares aggregating up to Rs 3,771 crore by way of a QIP, subject to provisions.
"The bank is exempted from the applicability of Regulation 82(c) of Sebi (ICDR) Regulation, 2009 as per Regulation 113 of Sebi (ICDR) Regulation, 2009," it said.
The government holding in the bank stands at 80.16 per cent.