IDBI Bank likely to draw Rs 1,500-crore fresh equity capital from LIC

The base size of issue was Rs 1,000 crore with green shoe option of Rs 1,000 crore. The issue opened on December 15 and closed on December 18.

IDBI Bank on Monday said it had option to draw Rs 1,500 crore as equity capital from its promoter Life Insurance Corporation of India (LIC). The bank, with LIC and the government of India as its promoter, raised equity capital Rs 1,435 crore through Qualified Institutional Placement (QIP) last week. 

Rakesh Sharma, MD and CEO, said the shareholding of LIC had come down (fell below 51 per cent), so the bank could take up to Rs 1,500 crore capital from LIC. It will be through preferential allotment. He, however, did not give timeline for capital infusion from LIC.

LIC held 51 per