IDBI Bank to issue shares on preferential basis to LIC

IDBI Bank Ltd has announced that Life Insurance Corporation of India (LIC) has, vide its letter dated February 24, 2012, given their in principle approval for subscribing maximum upto 5% of the pre-issue paid up equity capital of the Bank at a price to be calculated as per the SEBI (ICDR) Regulations, 2009, subject to necessary approvals from the Board of Directors and other statutory bodies.

The IDBI Bank stock closed the day at Rs.109.30, down by Rs.0.45 or 0.41%. The stock hit an intraday high of Rs.111.50 and low of Rs.106.50.

The total traded quantity was 7.52 lakhs compared to 2 week average of 7.99 lakhs.

Source : Equity Bulls

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