IDBI Bank secures $190m from 44 qualified institutional investors

Industrial Development Bank of India (IDBI Bank) has secured INR14.35 billion ($190 million) by issuing equity shares to 44 qualified institutional investors.

Some of the qualified institutional investors included Punjab National Bank (20.9%), Bank of Baroda (13.94%), State Bank of India (13.93%), Indian Bank (6.97%), Canara Bank (6.97%) and Societe Generale-ODI (5.66%).

IDBI Bank aimed to raise INR20 billion via the qualified institutional placement (QIP) issue at a floor price of INR 40.63 per share.

IDBI Bank secures $190m from 44 qualified institutional investors. Photo courtesy of Arunvrparavur/Wikimedia Commons.

Recently, the QIP committee of IDBI Bank’s board of directors in a meeting approved the issue and allotment of 37.1 million equity shares to 44 eligible qualified institutional buyers at the issue price of INR38.60 per share.

IDBI Bank issued the shares at a 5% discount to the floor price of INR40.63 per share. The QIP issue, which opened on 15 December, was closed on 18 December.