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IDBI Bank to raise Rs. 1,200 cr

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Star Live 24, Star Live 24
Sunday, November 17, 2013
Published On: 12:16:48 PM

IDBI Bank, on Saturday, said it will raise up to Rs. 1,200 crore through institutional placement of shares.

The bank needs an additional Rs. 3,000 crore this fiscal, of which Rs. 1,800 crore will come from the government and the rest will have to be raised via qualified institutional placement, IDBI Bank CMD M. S. Raghavan told reporters here. He said his main objective was to achieve the priority sector lending (PSL) target so that funds yielded better margins.

Courtesy : The Hindu

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