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IDBI Bank aims to raise Rs 26,000 crore through equity, bonds

The IDBI Bank is planning to raise Rs 26,000 crore through a mix of equity and bonds to fund its business growth.

IDBI Bank said in a BSE filing, the bank proposes to issue such number of equity shares of the face value of Rs 6,000 crore (inclusive of premium amount) to be added to the existing paid-up capital of IDBI Bank in such a way that the central government shall at all times hold not less than 51 per cent of the paid-up capital of the bank.

It further added, the bank plans to raise Rs 20,000 crore from bonds in one or more tranches during the current fiscal. Permission has been sought by the bank for mobilisation of in one or more tranches up to Rs 20,000 crore comprising of senior or infrastructure bonds, Basel III compliant or Additional Tier I Bonds by way of private placement or public issue during 2015-16 or during one year from the date of passing this resolution whichever is later.

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