IDBI Bank share price rose 10 percent in the early trade on April 9 after board approved stake sell in IDBI Federal Life Insurance Company.
The company in its board meeting has approved in principle the proposal to sell company's stake in IDBI Federal Life Insurance Company Limited (IFLI) to the extent of 23-27 percent.
The board has approved the exercise of Call Option on the Bank's Perpetual Tier 1 Bond Series I of Rs 245.10 crore due on June 22, 2020, subject to RBI
approval.
The board also approved the Rupee Bond Borrowing limit of Rs 7,500 crore for FY 2020-21.
It would be borrowed in one or more tranches comprising of additional Tier I Bonds up to Rs 3,000 crore, Basel III Tier 2 bonds up to Rs 3,500 crore and Senior/Infrastructure Bonds up to Rs 1,000 crore by way of private placement during FY 2020-21.
At 09:26 hrs, IDBI Bank was quoting at Rs 20.95, up Rs 1.10, or 5.54 percent on the BSE.
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