IDBI Bank Ltd approves preferential Allotment of Shares to Life Insurance Corporation of India

The Board of Directors of IDBI Bank Ltd at its meeting held on February 20, 2016 has approved the proposal for Preferential Issue of Capital to Life Insurance Corporation of India aggregating upto Rs. 1500 crore (inclusive of premium amount) subject to Govt. of India's approval and to convene an Extra Ordinary General Meeting of the Shareholders to pass the necessary Special Resolution in this regard under section 62(1)(c) of the Companies Act, 2013.

Shares of IDBI BANK LTD. was last trading in BSE at Rs.54.85 as compared to the previous close of Rs. 53.6. The total number of shares traded during the day was 553324 in over 3023 trades.

The stock hit an intraday high of Rs. 55.35 and intraday low of 53.15. The net turnover during the day was Rs. 30165970.

Source : Equity Bulls

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