Indian government-owned financial service company, IDBI Bank’s board has approved the proposal for preferential issue of capital to Government of India and other financial institutions. The issue size aggregates up to Rs 2500 cr subject to relevant approvals from statutory or regulatory bodies.
The primary objective of this fund raising is to meet the minimum regulatory capital requirements. The shareholders' meet would be held on April 27 for clearance of capital raising plan.
The IDBI Bank stock has given returns of 11.46% on a YTD basis, 10.03% for past one year and 9.6% for past three years. IDBI Bank Limited offers monetary intermediation of commercial banks, saving banks, postal savings bank and discount houses.
The Company provides personalised banking and financial solutions to its clients. Its segments include wholesale banking, retail banking and treasury services.