IDBI Bank shares gain on borrowing limit hike

Written by PTI | Mumbai | Updated: Sep 29 2014, 20:09pm hrs
IDBI Bank shares today rose by over 3 per cent as its board of directors approved enhancing the rupee borrowing limit to Rs 15,000 crore and infusing an additional capital of over Rs 58 crore in a subsidiary firm.

The bank's scrip gained 3.35 per cent to Rs 64.75 on the BSE.

On the NSE, the stock was up 3.34 per cent to Rs 64.80.

The Board of Directors approved "enhancement in rupee borrowing limit from the present limit of Rs 4,000 crore to Rs 15,000 crore, subject to compliance with all applicable laws," IDBI Bank said in a filing to the BSE on Friday.

It also gave its nod to "infusion of additional capital of Rs 58.34 crore by way of equity in IDBI Asset Management, bank's subsidiary company, to meet the growth requirements of IAML besides maintaining net worth," the bank said.