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IDBI Bank QIP to raise ₹6,000 crore opens

The Qualified Institutions Placement (QIP) committee of IDBI Bank’s board of directors has authorised the opening of the bank’s QIP issue on December 15.

The bank plans to to raise up to ₹6,000 crore via the QIP issue. The floor price of the issue, based on the pricing formula as prescribed under SEBI ICDR Regulations, is ₹40.63 per equity share, the bank said in a regulatory filing.

The bank said it may offer a discount of not more than 5 per cent on the floor price calculated for the issue. Life Insurance Corporation of India (LIC) had acquired a majority stake (51 per cent) in IDBI Bank in January 2019, becoming its promoter. The government owns 47.11 per cent stake.

Meanwhile, a meeting of the committee, is scheduled to be held on December 18, to consider and approve the issue price, including a discount, if any, thereto as permitted under the SEBI ICDR Regulations, for the equity shares to be allotted to eligible qualified institutional buyers, pursuant to the issue.

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