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Home STOCKS IDBI Bank gets shareholders' nod to increase Rs 11,000 crore

IDBI Bank gets shareholders’ nod to increase Rs 11,000 crore

NEW DELHI: IDBI Bank on Tuesday reported it has received shareholders’ acceptance to raise up to Rs 11,000 crore by issuing shares by a variety of modes. The choice was taken at the bank’s once-a-year common conference that took place on August 17, 2020, by audio-visual signifies.
The AGM (represented by shareholders) enabled the resolution for issue of shares aggregating up to Rs 11,000 crore (inclusive of premium quantity) via several modes of issue, such as QIP (experienced establishments placement), mentioned the LIC-backed private sector lender in a regulatory filing.
Among other resolutions passed at the AGM had been re-appointment of Rajesh Kandwal as rotational director as a nominee of LIC, who supplied himself for re-appointment, IDBI Bank said.
In addition to, the shareholders gave nod to appoint Meera Swarup and Anshuman Sharma as rotational administrators all through their tenure as govt nominee administrators on the board, it extra.
LIC held 51 for each cent share in IDBI Bank as on June 30, 2020, although the governing administration shareholding stood at 47.11 for every cent, as for every the data on BSE.
Initially a public sector lender, IDBI Bank grew to become a personal sector firm put up-acquisition of 51 for every cent stake in it by LIC in January 2019.

Insurance behemoth LIC is 100 for every cent federal government-owned.
IDBI Bank said the MD & CEO replied to queries elevated by shareholders on a variety of concerns through the AGM, offered clarifications and also mentioned the suggestions supplied by them.
Shares of IDBI Bank shut 2.07 for each cent up at Rs 39.40 apiece on the BSE.

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