IDBI Bank trades lower as LIC gives approval for capital infusion

The bank has received a letter from LIC conveying an in-principle approval for subscribing up to Rs4,743cr by way of Preferential Issue of Equity Shares.

Sep 12, 2019 06:09 IST India Infoline News Service

IDBI Bank
Shares of IDBI Bank are trading marginally lower on the BSE. The bank has received a letter from LIC conveying an in-principle approval for subscribing up to Rs4,743cr by way of Preferential Issue of Equity Shares, subject to prior infusion of capital by Govt. of India and LIC equity shareholding not exceeding 51% of post-issue subscribed capital, at an issue price to be calculated as per SEBI (ICDR) Regulations, 2018.

IDBI Bank Ltd is currently trading at Rs28.20 down by Rs0.1 or 0.35% from its previous closing of Rs28.30 on the BSE.

The scrip opened at Rs28.70 and has touched a high and low of Rs28.95 and Rs27.90 respectively.

The BSE group 'A' stock of face value Rs10 has touched a 52 week high of Rs65.80 on 09-Jan-2019 and a 52 week low of Rs23.55 on 23-Aug-2019. Last one week high and low of the scrip stood at Rs28.80 and Rs26.35 respectively.

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