Home >Markets >Stock Markets >IDBI Bank raises 1,435 crore from 44 investors

IDBI Bank said that it has raised 1,435 crore through an issue of equity shares to 44 qualified institutional investors. The bank had targeted to raise 2,000 crore (base size 1,000 crore and green-shoe option of 1,000 crore) through the QIP issue at a floor price of 40.63 apiece.

The bank's board at its meeting on 29 October had proposed to raise 6,000 crore by issuing shares through QIP. However, the lender late downsized the fundraise by two-thirds to 2,000 crore.

The QIP committee of the board of directors at its meeting held on December 19, 2020 approved the issue and allotment of 3,71,808,177 equity shares to 44 eligible qualified institutional buyers at the issue price of 38.60 per share, IDBI Bank in BSE filing.

The shares were issued at a discount of 5% to the floor price of 40.63 apiece, it said.

The QIP issue had opened on 15 December and closed on 18 December, 2020.

Among the investors who were allotted more than 5% of the equity shares in the QIP issue were Punjab National Bank (20.90% subscription); Bank of Baroda (13.94%); State Bank of India (13.93%); Indian Bank (6.97 per cent); Canara Bank (6.97%) and Societe Generale-ODI (5.66%).

Post the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased to 10,752.40 crore, comprising of 10,752,402,175 equity shares, IDBI Bank said.

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