IDBI Bank up 3%; to raise Rs 1500cr via preferential issue

Moneycontrol BureauShares of IDBI Bank gained nearly 3 percent intraday Monday as it is going to raise Rs 1500 crore via preferential issue of capital.The company at its meeting held on February 20, 2016 approved the proposal for preferential issue to Life Insurance Corporation of India aggregating upto Rs 1500 crore which is subject to Government of India's approval.Earlier in this month, the company had approved issuance of Basel III compliant Additional Tier 1 (AT 1) bonds in offshore markets upto USD 500 million to enhance Tier 1 capital of the Bank.At 09:26 hrs IDBI Bank was quoting at Rs 55.80, up Rs 0.95, or 1.73 percent on the BSE.Posted by Rakesh Patil