IDFC Bank to raise up to Rs5,000 crore via bonds
IDFC Bank says the proposed capital will be raised in one or more tranches, in domestic/overseas market, over a period of 1 year, within the overall borrowing limit of Rs1.5 trillion as approved by the shareholders
New Delhi: Private sector lender IDFC Bank on Wednesday said it will raise up to Rs5,000 crore by issuing bonds in next 12 months in one or more tranches from the domestic or overseas markets.
The board of the bank had yesterday passed a resolution for borrowing or raising long term funds by issue of redeemable non-convertible debentures or other debt instruments.
The instruments through which the bank has been permitted to raise capital include perpetual debt instruments (part of additional tier I capital), tier II capital bonds and long term bonds (financing of infrastructure and affordable housing), on private placement basis, up to an amount not exceeding Rs5,000 crore, the bank said in a regulatory filing.
The proposed capital will be raised in one or more tranches, in domestic/ overseas market, over a period of 1 year, within the overall borrowing limit of Rs1.5 trillion as approved by the shareholders of the bank, it added.
Additionally, the board has approved re-appointment of Rajiv B Lall as MD and CEO of the bank for a period of two years, subject to the approval of shareholders and the RBI. It has also approved re-appointment of Veena Mankar, Abhijit Sen, Ajay Sondhi and Rajan Anandan as independent directors.
Yesterday, the bank had reported a fall of over 76% in its standalone net profit to Rs41.93 crore for the March quarter on rise in bad loans and higher provisioning against a profit of Rs175.95 crore in the same quarter of previous fiscal ended March 2017.
IDFC Bank shares closed 0.84% lower at Rs47.40 on BSE today.
- RBI against independent regulator for payment systems outside central bank
- Germany’s transport authority orders Opel to recall 73,000 diesel vehicles worldwide
- RBI opens banking tap to ease liquidity crunch at NBFCs
- New RBI norms put mobile wallets on par with payments banks
- Imminent NBFC slowdown could lead to credit crunch
Editor's Picks »
- India to put former top climate change official Rajendra Pachauri on trial for sexual harassment
- Rahul Gandhi hits out at KCR, claims Telangana reeling under debt
- Deve Gowda-Siddaramaiah display rare bonhomie ahead of Karnataka by-polls
- Govt allocates Rs 144 crore to AYUSH ministry for alternative medicines
- Esperanto, A language whose time never came
- Policy rethink and higher volumes to aid container shippers
- DCB Bank delivers a strong Q2 but pressure on margins foreseen
- Havells India: Rising costs give a jolt to profitability in September quarter
- All’s well at Mindtree, except for high client concentration risk
- India’s rising steel demand is making companies starry-eyed