IDBI Bank heads higher after selling further stake in SIDBI

IDBI Bank rose 1.59% to Rs 60.80 at 14:45 IST on BSE after the bank said that it has sold further 2.6 crore shares constituting 4.89% of the paid up capital of Small Industries Development Bank of India on 29 December 2017.

The bank made the announcement after market hours on Friday, 29 December 2017.

Meanwhile, the S&P BSE Sensex was down 49.47 points or 0.15% at 34,007.36.

On the BSE, 3.79 lakh shares were traded on the counter so far as against average daily volumes of 4.52 lakh shares in the past one quarter. The stock had hit a high of Rs 63 and a low of Rs 60.50 so far during the day. The stock had hit a 52-week high of Rs 86.50 on 6 February 2017 and a 52-week low of Rs 50.25 on 14 August 2017.

The large-cap bank has equity capital of Rs 2642.49 crore. Face value per share is Rs 10.

Separately, the bank said after market hours on Friday, 29 December 2017, that Government of India (GoI) has on 29 December 2017 infused share application money of Rs 2729 crore towards preferential issue of equity capital of IDBI Bank during the FY 2017-18, under the plan as Government's Investment.

The board of directors of IDBI Bank will, at it's ensuing meeting, consider the proposal for approval of preferential issue of capital to GoI upto Rs 2729 crore.

IDBI Bank reported net loss of Rs 197.84 crore in Q2 September 2017 as against net profit of Rs 55.52 crore in Q2 September 2016. Total income declined 1.1% to Rs 8297.60 crore in Q2 September 2017 over Q2 September 2016.

The Government of India held 77.79% stake in IDBI Bank (as on 6 October 2017).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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