The board of IDBI Bank has authorised an annual common assembly (AGM) to lift funds via the fairness route. Shareholders will approve the fund-raising within the AGM. “…the board of directors of IDBI Bank at its meeting held on Thursday has approved the notice convening the 18th annual general meeting of the bank which included passing an enabling special resolution for issue of equity capital through various modes,” the lender stated in an trade submitting.
In December 2020, IDBI Bank had raised Rs 1,435 crore through certified institutional placement. Life Insurance Corporation, which holds a little bit over 49% stake within the financial institution, infused Rs 4,743 crore into the lender in October 2019. In its earlier AGM, the financial institution had sought the approval of its shareholders for elevating Rs 7,500 crore through fairness, in response to data in its annual report for FY21.
Earlier this month, the financial institution introduced sale of some non-core belongings. The lender agreed to promote its 25% stake in Ageas Federal Life Insurance Company to Ageas Insurance International NV for Rs 580 crore. The financial institution additionally accomplished sale of 20% stake in Asset Reconstruction Company (India) to Avenue India Resurgence Pte.
In Q4FY22, the financial institution reported a internet revenue of Rs 691 crore, in contrast with Rs 512 crore for a similar quarter final yr. As on March 31, 2022, the lender’s capital adequacy ratio improved to 19.06%, in comparison with 15.59% a yr in the past.
Source: www.financialexpress.com”