IDBI Bank plans Rs 10,000 cr fund raise, to float rupee bonds

State-owned IDBI Bank plans to raise Rs 10,000 crore through issue of rupee bonds and qualified institutional placement route.

The bank will seek shareholders' approval to the plans at its next annual general meeting, IDBI said in a filing to the BSE.

The bank will place the agenda before shareholders to issue equity capital aggregating up to Rs 5,000 crore through various alternative modes, including qualified institutional placement, it said.

Besides, IDBI Bank will also seek permission for issue of rupee bonds aggregating up to Rs 5,000 crore, it added.

The board of directors of the bank at a meeting held today passed these two items to be put before the AGM, the filing said.

The bank however did not mention by when it will raise the funds.

Rupee bonds or rupee denominated bonds (RDBs) are the newest instruments allowed by the Reserve Bank which companies can float only overseas to raise money.

Shares of IDBI Bank closed 1.25 per cent up at Rs 60.95 on BSE.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)