IDBI Bank board to consider proposal to raise equity capital on May 15

IDBI Bank’s board of directors will meet on May 15 to discuss the plan to increase equity capital through different methods.

“The resolution for adoption of the Notice of the 17th Annual General Meeting of IDBI Bank Ltd., which contains the following as one of the items of business for the AGM, will be discussed at the Board Meeting of IDBI Bank Ltd. on Saturday, May 15, 2021. I Adopting an authorising Special Resolution under Section 62(1)(c) of the Companies Act, 2013 to provide for the issuance of equity capital in a variety of ways “In a regulatory filing, the bank said.IIDBI Bank board to consider proposal to raise equity capital on May 15

IDBI Bank is the first state-run bank that will be up for disinvestment. On May 5, the Cabinet Committee on Economic Affairs (CCEA) gave its in-principle approval for strategic disinvestment along with the transfer of management control in IDBI Bank Ltd.

The Government of India (GoI) and the LIC together own more than 94 per cent of equity of IDBI Bank, with the Centre holding 45.4 per cent and the LIC owning 49.24 per cent stake. LIC is currently the promoter of IDBI Bank with management control and the Centre is the co-promoter.

Around 2 p.m., shares of IDBI Bank on the BSE were trading at Rs 38.65, higher by 1.18 per cent from its previous close.


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