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IDBI Bank gets nod for issuance of preferential shares to LIC

IDBI Bank gets nod for issuance of preferential shares to LIC

IDBI Bank has received an approval from its board for issuance of preferential shares in favour of LIC with a view to increase the share of insurer in the bank up to 51% of post issue paid up capital of the bank. The Board of Directors of the Bank at its meeting held on October 04, 2018 approved the same.

Besides, the board has also approved increasing authorized capital of the bank from Rs 8,000 crore to Rs 15,000 crore.

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.

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