IDBI Bank gains on board nod for FCB upto $7.5 billion

The board has approved foreign currency borrowing limit upto $7.5 billion

Shares of IDBI Bank were up over 2% at Rs 60 on the Bombay Stock Exchange after the board approved foreign currency borrowing limit upto $7.5 billion including borrowing  under IDBI Bank's $5 billion MTN Programme listed on the Singapore Stock Exchange.

The amount can be raised in one or more tranches by way of bi-lateral loans/club loans/syndicated loans/lines of credit, Tier II bonds, hybrid instruments like Innovative Perpetual Debt instruments/Additional Tier I bonds and other bonds eligible for classification as capital under Base III and other instruments, the company said in a release.

The stock opened at Rs 59 and touched a high of Rs 60.75. At 12:40PM, over 3.2 million shares were traded on both the stock exchanges.