IDBI Bank shares jump over 10% on Rs 7,500 cr fund-raising plans in current fiscal

Shares of IDBI Bank on Thursday jumped 10.6 percent after the company said it has targeted to raise up to Rs 7,500 crore in the current fiscal

Press Trust of India April 09, 2020 12:20:19 IST
IDBI Bank shares jump over 10% on Rs 7,500 cr fund-raising plans in current fiscal

New Delhi: Shares of IDBI Bank on Thursday jumped 10.6 percent after the company said it has targeted to raise up to Rs 7,500 crore in the current fiscal.

The scrip gained 10.57 percent to Rs 21.95 on the BSE.

IDBI Bank shares jump over 10 on Rs 7500 cr fundraising plans in current fiscal

Stock brokers. Representational image. Reuters.

On the NSE, it climbed 6.34 percent to Rs 20.95.

The private sector lender on Wednesday said it has targeted to raise up to Rs 7,500 crore through rupee bonds in the current fiscal.

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The borrowing programme comprises additional Tier I bonds up to Rs 3,000 crore, Basel III Tier 2 bonds up to Rs 3,500 crore and senior/ infrastructure bonds up to Rs 1,000 crore by way of private placement during 2020-21.

Separately, it said that the board of directors has also approved the proposal to sell the bank's stake of up to 27 percent in its life insurance joint venture IFLI.

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