IDBI Bank to raise Rs 11,000 cr through QIP; six merchant bankers appointed

Six merchant bankers appointed; LIC may abstain, but committed to retaining stake at 51% for the next two years

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IDBI Bank

Hamsini Karthik  |  New Delhi 

IDBI Bank is all set to roll out its mega fund raising exercise in November. Sized at Rs 11,000 crore, the qualified institutional placement (QIP) will be the bank’s maiden equity raise in over five years, and also the first-ever since it came under the fold of Life Insurance Corporation of India (LIC) in 2018.

Six investment banks--ICICI Securities, Axis Capital, SBI Capital Markets, IIFL Securities, Credit Suisse and IDBI Capital Markets--have been appointed to manage the QIP. Shareholders of IDBI Bank approved the QIP on July 15 this year. The equity issuance is expected to ...
First Published: Mon, September 21 2020. 17:41 IST
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