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BANKING & FINANCE
GOVT. MAY DILUTE 25% STAKE IN IDBI BANK
January 3, 2016
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M_Id_477537_IDBI_Bank.jpg (415×277)1.State-run lender, IDBI Bank, is planning to raise Rs.3,771 crore by way of qualified institutional placement (QIP) which could see government stake reduce by 25 per cent, according to an exchange filing.

2.“Govt. of India has conveyed its approval to IDBI Bank to raise capital to the tune of Rs.3,771 crore, through QIP route, at an appropriate time during the year.”

3.According to bank officials, IDBI Bank has projected a capital requirement of Rs.6,000 crore to support its growth needs apart from meeting Basel-III norms. Earlier this week, the bank said that the government has decided to infuse Rs.2,229 crore into the bank. At present, the government holds 76.5 per cent in the bank. After this infusion, government stake in the bank will go over 80 per cent.