IDBI Bank shares gain over 3% intraday on Sebi approval to raise Rs 3,771 cr

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New Delhi | Updated: February 24, 2016 4:58:27 PM

IDBI Bank shares gained as much as 3.77% on Wednesday after the bank received Sebi approval to raise capital by issue of equity shares aggregating upto Rs 3,771 crore

IDBI Bank share price, sensex, bseIDBI Bank shares gained as much as 3.77% on Wednesday after the bank received Sebi approval to raise capital by issue of equity shares aggregating upto Rs 3,771 crore. (PTI)

IDBI Bank shares gained as much as 3.77 per cent intraday on Wednesday after the bank received the market regulator Securities Exchange and Board of India (Sebi) approval to raise capital by issue of equity shares aggregating upto Rs 3,771 crore by way of a QIP.

Later, the scrip closed 1.26 per cent up at Rs 56.40. IDBI Bank shares opened at Rs 55 and touched a high and low of Rs 57.80 and Rs 54.70, respectively, in trade. Sensex closed 321 points down at 23,088.93.

IDBI Bank in a statement on Tuesday informed stock exchange that Sebi has accepted to the bank’s request to permit it for raising capital by issuing equity shares aggregating up to Rs 3,771 crore by way of a QIP subject to provisions.

“The bank is exempted from the applicability of Regulation 82(c) of Sebi (ICDR) Regulation, 2009 as per Regulation 113 of Sebi (ICDR) Regulation, 2009,” it said.

For the quarter ended December 2015, the bank posted net loss of Rs 2183.68 crore against net profit of Rs 102.79 crore in the corresponding quarter a year ago.

Government holds 80.16 per cent stake in the bank.

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