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IDBI Bank okays preferential issues to LIC, Govt
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SME Times News Bureau | 19 Sep, 2019
IDBI Bank on Thursday approved the proposal for preferential issue to
the government and LIC aggregating after their infusion of Rs 4,557
crore and Rs 4,743 crore, respectively, a total capital infusion of a
little over Rs 9,000 crore.
At 12.45, the IDBI Bank share price was down by 2.52 per cent at Rs 27.10.
The
board of directors, at a meeting on September 19, approved the proposal
for preferential issue of capital to the government and LIC aggregating
up to Rs 4,557 crore and Rs 4,743 crore, respectively, subject to
regulatory approvals, if any, the bank's regulatory filing said.
"In
terms of Regulation 30 of the SEBI (LODR) Regulations, 2015, it is
hereby advised that the Board of Directors of IDBI Bank, at its meeting
held on September 19, 2019, has approved the proposal for Preferential
Issue of Cap ital to Government of India and Life Insurance Corporation
of India aggregating up to Rs 4,557 crore and Rs 4,743 crore
respectively, subject to statutory/regulatory approvals, if any,
required to be obtained in this regard", it said.
Shares of IDBI
Bank fell 3 per cent on opening on September 19 after the company
approved preferential issue of capital to Life Insurance Corporation a
nd the government.
In March, the Reserve Bank of India
categorised IDBI Bank as a private sector lender following acquisition
of majority stake by LIC.
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