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IDBI Bank seeks shareholder nod to raise funds

IDBI Bank seeks shareholder nod to raise funds

The bank will explore all routes including qualified institutional placement (QIP), preference share issue, rights issue or follow-on public issue to raise the funds.

 

IDBI Bank is seeking shareholders approval to raise Rs.8,000 crore.

The bank will explore routes including qualified institutional placement (QIP), preference share issue, rights issue or follow-on public issue to raise the funds.

The bank is also seeking approval to raise up to Rs.20,000 crore of capital through issuance of debt instruments in one or more tranches during fiscal 2017. 

The pricing of the issuance in the domestic market would be decided based on the prevailing market conditions and its impact on overall cost of borrowing for the bank.

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