IDBI Bank to raise $896 through share sale
DSIJ Intelligence / 20 Sep 2016
IDBI Bank is expected to raise almost $896 or Rs 60 billion through share sale according to media reports. The share sale is important as the bank seeks a strategic investor that would take up a vital role in the management of the bank.
IDBI Bank is expected to raise almost $896 or Rs 60 billion through share sale according to media reports. The share sale is important as the bank seeks a strategic investor that would take up a vital role in the management of the bank.
Investment banks are reported to have met IDBI Bank to pitch their services, which will be required during the institutional share sale and preferential securities issue.
IDBI Bank has been in news recently for the government’s intention of making the bank private. There has been resistance from the staff members of the bank to make IDBI Bank a private entity.
IDBI bank is trading at Rs 75.45 on Tuesday at 9.30 a.m on an intraday basis. Over a one-year period the stock has gained 9 per cent. The stock is trading above its 200 days simple moving average, indicating bullishness in the scrip.
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