IDBI Bank gets shareholders' nod to raise Rs 10,000 crore

NEW DELHI: State-sector IDBI Bank's shareholders have approved a proposal to raise up to Rs 10,000 crore through various modes including QIP.

The decision was taken at the bank's annual general meeting held yesterday (July 18), IDBI Bank said in a regulatory filing.

IDBI Bank said among the resolutions passed at the AGM were the issue of shares aggregating up to Rs 5,000 crore through various modes of issue including qualified institutions placement (QIP). And mobilisation in one or more tranches up to Rs 5,000 crore comprising of bonds by way of private placement/public issue.

Earlier in June, the bank had said that it requires to maintain its tier-1 capital and in view of ongoing expansion plans, implementation of Basel III norms and consequential capital charge, there is a "need to increase the capital to further strengthen the capital adequacy ratio."

Stock of IDBI bank today closed 0.26 per cent higher at Rs 58.10 apiece on BSE.