IDBI Bank seeks shareholders' nod to raise for Rs 50 billion in capital

The government owns 85.96 per cent of IDBI Bank, while LIC holds 7.98 per cent at end of June 2018, according to filings with BSE

Public sector lender IDBI Bank is seeking shareholders' nod to raise capital upto Rs 50 billion by issuing fresh shares through various routes including Qualified Institutional Placement (QIP).

In notice to shareholders for annual general meeting slated for August 13, 2018, IDBI said the resolution seeks to enable the Bank to offer, issue and allot equity shares aggregating upto Rs 50 billion (inclusive of premium amount).

It could tap investors through public issue, rights issue, preferential issue, private placement basis and QIP, etc. The Special Resolution passed at the last AGM held on July 18, 2017 for Issue of Capital under QIP