IDBI Bank falls 19% on listing of fresh shares allotted to QIBs

Shares of IDBI Bank tanked 19 per cent to Rs 30.80 on the BSE in early morning trade on Tuesday after listing 371.8 million equity shares allotted to qualified institutional buyers (QIBs) pursuant to qualified institutional placement (QIP). The stock was trading lower for the fourth straight day, down 27 per cent during the period.

The Committee, at its meeting held on Saturday i.e. December 19, 2020, approved the issue and allotment of 371.8 million equity shares to the 44 eligible QIBs at the issue price of Rs 38.60 per equity share, aggregating to Rs 1435.18 crore. The bank