New Delhi: IDBI Bank on Friday said it plans to come out with a follow-on public offer in January next year.
"We plan to some out with an FPO in January," IDBI Bank Chairman and Managing Director Yogesh Agarwal told reporters here.
Asked about amount that it plans to raise, Agarwal said,
"Whole size of the issue would be double of what the
Government of India is willing to subscribe." Currently, the
government holds 52 percent stake in the bank.
"I am waiting for the government's clarity as to how much
money they (government) are giving to the bank," he said.
The bank is also planning to raise USD 500 million
through bonds from overseas markets, he said.
The shares of the bank were trading at Rs 119.05 on BSE
in afternoon trade, up by 1.67 percent over the previous
close.
Asked about IDBI home finance sale, Agarwal said sale is
not going through because the government has not given
permission.
"For present, it is not on our radar," he said adding "
we are considering merger of the entity with the bank as one
of the options."
Bureau Report
First Published: Friday, November 06, 2009, 15:20