IDBI Bank shares jump over 10 pc on fund-raising plans

Shares of IDBI Bank on Thursday jumped 10.6 per cent after the company said it has targeted to raise up to Rs 7,500 crore in the current fiscal. The scrip gained 10.57 per cent to Rs 21.95 on the BSE.

On the NSE, it climbed 6.34 per cent to Rs 20.95. The private sector lender on Wednesday said it has targeted to raise up to Rs 7,500 crore through rupee bonds in the current fiscal. The borrowing programme comprises additional Tier I bonds up to Rs 3,000 crore, Basel III Tier 2 bonds up to Rs 3,500 crore and senior/ infrastructure bonds up to Rs 1,000 crore by way of private placement during 2020-21.

Separately, it said that the board of directors has also approved the proposal to sell bank's stake of up to 27 per cent in its life insurance joint venture IFLI..

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