IDBI Bank Receives Shareholders' Approval To Raise Rs 11 Crore

On Tuesday, IDBI Bank said it has received shareholders' approval to raise up to Rs 11,000 crore by issuing shares through various modes. The decision was taken at the bank's annual general meeting on 17 August 2020, through audio-visual means.

The AGM (represented by shareholders) enabled the resolution for issue of shares aggregating up to Rs 11,000 crore (inclusive of premium amount) through various modes of issue, including QIP (qualified institutions placement), said the LIC-backed private sector lender in a regulatory filing.

Among other resolutions passed at the AGM were re-appointment of Rajesh Kandwal as a rotational director as a nominee of LIC, who offered himself for re-appointment, IDBI Bank said.

Besides, the shareholders gave nod to appoint Meera Swarup and Anshuman Sharma as rotational directors during their tenure as government nominee directors on the board, it added.

LIC held 51 percent share in IDBI Bank as on 30 June 2020, while the government shareholding stood at 47.11 percent, as per the data on BSE.

Originally a public sector lender, IDBI Bank became a private sector firm post-acquisition of 51 percent stake in it by LIC in January 2019.

Insurance behemoth LIC is 100 percent government-owned.