IDBI Bank rose 0.96% to Rs 63.25 at 11:26 IST on BSE after the bank said its board approved for infusion of additional capital of Rs 58.34 crore by way of equity in the bank's subsidiary company viz. IDBI Asset Management.
The announcement was made after market hours on Friday, 26 September 2014.
Meanwhile, the S&P BSE Sensex was up 18.64 points or 0.07% at 26,644.96.
On BSE, so far 4.61 lakh shares were traded in the counter as against average daily volume of 4.99 lakh shares in the past one quarter.
The stock hit a high of Rs 64.75 and a low of Rs 62.65 so far during the day. The stock had hit a 52-week high of Rs 116.50 on 9 June 2014. The stock had hit a 52-week low of Rs 52.95 on 30 January 2014.
The stock had underperformed the market over the past one month till 26 September 2014, sliding 21.24% compared with Sensex's 0.69% rise. The scrip had also underperformed the market in past one quarter, declining 41.75% as against Sensex's 6.24% rise.
The large-cap company has equity capital of Rs 1603.96 crore. Face value per share is Rs 10.
IDBI Bank's board of directors at its meeting held on Friday, 26 September 2014, approved for infusion of additional capital of Rs 58.34 crore by way of equity in IDBI Asset Management (IAML), bank's subsidiary company, to meet the growth requirements of IAML besides maintaining net worth as stipulated by Sebi in terms of clause (f) of amended Regulation 21(1) of SEBI (MF) Regulations, 1996. The board also approved enhancement in Rupee borrowing limit from the present limit of Rs 4000 crore (approved by the shareholders on 2 September 2014) to Rs 15000 crore subject to compliance with all applicable laws, regulations & guidelines as well as the approval of shareholders to be obtained in terms of Section 42 of the Companies Act, 2013 by postal ballot.
IDBI Bank's net profit declined 65.41% to Rs 106.17 crore on 2.85% decline in total income to Rs 7232.73 crore in Q1 June 2014 over Q1 June 2013.
The Government of India (GoI) holds 76.5% stake in IDBI Bank (as per the shareholding pattern as on 30 June 2014).
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