SEBI has given approval to State-owned IDBI Bank market regulator to raise Rs 3,771 crore through issue of shares to qualified institutional playersa (QIP) move which would dilute the government’s holding significantly in the lender.
IDBI Bank said that Sebi has acceded to the request to permit the bank to raise capital by issue of equity shares aggregating upto Rs 3,771 cr. by way of a QIP subject to provisions. As per the bank it is exempted from the applicability under the Regulation of 82(c) of Sebi (ICDR) Regulation, 2009 as per Regulation 113 of Sebi (ICDR) Regulation, 2009. The current market valuation, Rs 3,771 cr. represents about 36.6 per cent equity stake of IDBI Bank. The government holding in the bank stands at 80.16 per cent. Its current market capitalization stood at Rs 10,583.30 cr..
Earlier finance minister had indicates in change in characteristics of IDBI where government would have a majority stake, but at the same time maintain an arm’s length distance. The government also indirectly controls 29.19 percent in Axis Bank through the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), the Life Insurance Corp and four other public sector general insurance companies. As per IDBI, government hasinfused Rs 2,229 cr. into the bank in lieu of preferential allotment of shares.
ICDR – Issue of Capital and Disclosure Requirements.
QIP – Qualified institutional players.
IDBI CEO – Kishore kharat
SEBI – Securities Exchange Board Of india
So Lets do
1- Who is the CEO of IDBI bank ?
2- Who Present Chairman of SEBI ?
3- Which year IDBI Bank Established?