IDBI Bank's Board approves raising up to Rs 6,000 Cr via QIP

Mumbai, Oct 29 (IANS) The Board of Directors of IDBI Bank has approved raising funds up to Rs 6,000 crore by issuing equity shares through qualified institutional placement (QIP).Several banks, both in the public and private sectors have so far raised or plan to raise capital to strengthen their buffer amid the pandemic."The Board at its meeting held on October 29, has passed a resolution for approving the raising of funds for an amount not exceeding Rs 6,000 crore through issue of equity shares through qualified institutions placement subject to approvals of the regulatory and/or statutory authorities, as applicable," the bank said in a regulatory filing.Shares of IDBI Bank on the BSE are currently trading at Rs 36.95, lower by 0.81 per cent from its previous close.
--IANS rrb/sn/sdr/