IDBI Bank to borrow up to Rs 4,000 cr via bonds next fiscal year

Private sector IDBI Bank Tuesday said the bank would borrow up to Rs 4,000 crore in one or more tranches by issuing bonds in the next financial year. "The board of directors, at its meeting held on Tuesday, (March 19, 2019), has approved rupee bond borrowing limit of Rs 4,000 crore to be borrowed in one or more tranches," the bank said in a regulatory filing.

The borrowing would be comprised of Basel III-compliant tier-II bonds and senior bonds (not more than Rs 1,000 crore) by way of private placement during 2019-20, the bank said. The bank also said the board of directors has approved the continuation in office by fresh appointment of Rakesh Sharma as MD & CEO and an additional director on the board of IDBI Bank.

His appointment is for 3 years with effect from Tuesday, as per the RBI approval received in this regard, the bank said. Shares of the bank closed 0.12 per cent down at Rs 43.35 apiece on the BSE.

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