Business News
IDBI Bank gets ₹2,729 crore from government
The government had on October 24, 2017 unveiled a ₹2.11 lakh crore two-year road map for strengthening NPA-hit public sector banks.
Public sector IDBI Bank has received capital infusion of ₹2,729 crore from the government.
“The government has on December 29, 2017 infused share application money of ₹2,729 crore towards preferential issue of equity infusion of IDBI bank during the fiscal year 2017-18 under the plan as government’s investment,” it said in a regulatory filing.
The bank said its board of directors at the ensuing meeting will consider the proposal for approval of preferential issue of capital to government up to ₹2,729 crore.
The government had on October 24, 2017 unveiled a ₹2.11 lakh crore two-year road map for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds, budgetary support, and equity dilution. The stock of the bank closed 0.83% down at ₹59.85 on the BSE.
