LATEST NEWS

IDBI Bank plans to approach LIC for proposed fund raising up to Rs 25 via institutional share sale

New Delhi: Indian public sector lender IDBI Bank plans to approach Life Insurance Corp of India among others for its plan to raise up to Rs 25 billion via issuance of shares to institutional investors by the end of March, the Business Standard reported citing the bank's Deputy Managing Director B K Batra.

"We are on the edge (a floor of tier I capital at 8% preferred by the government) and want to have cushion to manage business growth. We plan to approach LIC and other institutions in current quarter subject to regulatory norms," the daily quoted Batra as saying.

Earlier last week, IDBI Bank had said that it plans to raise up to Rs 25 billion from institutional investors and Rs 5.55 billion via issue of preferential issue of equity shares to the government, which hold 70.52% in the bank.

On January 10, Finance Minister P Chidambaram had said that the government will infuse Rs 125.17 billion into state-run banks by the end of this fiscal 2012-13, to shore up their capital base.

Capital infusion has become important for state-run banks in order to comply with the Reserve Bank of India's strict Basel III norms on capital needs, which will come into force in a phased manner from April 1, 2013.

Copyright Contify.com

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.

DON'T MISS

  • The Rs 80,000 crore milk business is on a tear

    If you thought that all the action in business was concentrated around the e-commerce sector, you could not be more wrong. The unlikely category of milk and dairy products has been seeing some of the most ... …

  • Charged up

    Reliance Jio's battle with other cellular operators over spectrum usage charges is set to escalate. …

  • Cracking the Code

    HackerRank is helping companies recruit coding champions through online tests. …

  • Poor Prediction

    A Niti Aayog presentation says poverty in India could be wiped out by 2032. Is it possible? …

  • Missing in Action

    Villages adopted by Gandhis make little progress. …

  • The VillageEconomy

    Inside: Model villages 68 / How India failed its poor 76 …

  • Hardly Adarsh

    Saansad Adarsh Gram Yojana, PM's pet project, has the potential to kick-start the rural economy, but is going nowhere if we go by the results so far. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    47.00-0.15-0.32%
    IDFCBANK.BO
    68.80-3.90-5.36%
    SPICEJET.BO
    10.04-0.02-0.20%
    SUBEX.BO
    146.60-1.45-0.98%
    POWERGRID.BO
    47.10-2.65-5.33%
    RCOM.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    288.10+48.00+19.99%
    SUNDRMBRAK.BO
    833.10+122.00+17.16%
    NOVARTIND.BO
    194.45+27.30+16.33%
    KELLTONTEC.BO
    16.45+1.95+13.45%
    VMV.BO
    120.80+12.25+11.29%
    REDINGTON.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    315.10-78.75-19.99%
    VRLLOG.BO
    69.85-17.45-19.99%
    DION.BO
    100.05-13.55-11.93%
    MSRINDIA.BO
    53.20-6.85-11.41%
    EMKAY.BO
    62.10-7.90-11.29%
    RAJTV.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.