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IDBI Bank board on Monday approved the proposal for preferential issue of capital aggregating Rs 2,729 crore to the Government. This is subject to staturtory/ regulatory approvals, if any, required to be obtained in this regard, the state-owned bank said in a stock exchange notification.
In this connection, the bank said it will obtain shareholders' approval by way of postal ballot. As on December-end 2017, the government held 77.29 per cent stake in IDBI Bank. The balance 22.21 per cent stake is held by public, including Life Insurance Corporation of India (12.66 per cent stake).
In August 2017, the government had infused Rs 1,861 crore by subscribing to the bank's preferential issue of equity capital.
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