IDBI Bank approves Preferential Issue of Equity Shares to Govt. of India

IDBI Bank Ltd has announced that in terms of the Special Resolution under Sections 81(1A), 31, 94 and 97 of the Companies Act, 1956 passed at the 6th AGM of the Bank, held on July 22, 2010, the Board of Directors of the Bank has approved Preferential Issue of 259509110 equity shares of Rs.10/- each at a price of Rs. 120.19 per share (comprising of Rs. 10/- face value and Rs. 110.19 share premium amount) aggregating to Rs. 3119.04 crore to Govt. of India at its meeting held on July 22, 2010.

The stock was trading at Rs.122.60, up by Rs.0.35 or 0.29%. The stock hit an intraday high of Rs.123.45 and low of Rs.121.90.

The total traded quantity was 2.29 lakhs compared to 2 week average of 7.35 lakhs.

Source : Equity Bulls

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