IDBI Bank allots 339.9 mn preferential shares to LIC at Rs 61.73 apiece

The preferential issue to LIC will raise up to Rs 20.98 billion for the bank

IDBI Bank Ltd on Thursday said it had allotted 339.9 million shares to Life Insurance Corporation (LIC) of India at Rs 61.73 apiece to raise up to Rs 20.98 billion via preferential issue to the insurance major. 

In a statement issued on Thursday, the Mumbai-headquartered bank informed stock exchanges: “In compliance of Regulation 30 of the Sebi (LODR) Regulations, 2015, this is to inform that the bank has allotted 339,897,328 equity shares to Life Insurance Corporation of India at a price of Rs 61.73 per share (inclusive of premium amount of 51.73 per share) aggregating up to Rs 20.98 billion through a preferential issue on October 4, 2018.”