IDBI Bank to raise Rs 3,771 crore through QIP route

Public sector lender IDBI Bank Ltd it will raise Rs 3,771 crore instead of an earlier plan of raising Rs 2,800 crore through qualified institutional plans (QIP) route.

"Board of Directors of the bank has approved revising the QIP issue size from Rs 2,800 crore approved by the Board on November 04, 2015 to Rs 3,771 crore, in line with the Government of India's approval dated December 30, 2015," IDBI said in a BSE filing.

Board of the bank also approved visit of top management team of the bank to larger domestic and International investor centres to target major investor hubs and BFSI focused investors including meetings with big-ticket domestic and foreign investors during the period from January 14 till January 25, 2016 in connection with raising of equity capital of the Bank through QIP route.

Shares of IDBI Bank were trading at Rs 64.15, down 2.95%, from previous close on BSE.