IDBI Bank shares jump over 8 pc on fundraising plans

New Delhi, Apr 9 (PTI) Shares of IDBI Bank on Thursday jumped over 8 per cent after the company said it has targeted to raise up to Rs 7,500 crore in the current financial year.

The scrip closed 7.05 per cent higher at Rs 21.25. During the day, it touched a high of Rs 21.95 after gaining 10.57 per cent.

On the NSE, it climbed 8.37 per cent to settle at Rs 21.35.

In traded volume terms, 2.42 lakh shares were traded on the BSE and over 30 lakh on the NSE.

The private sector lender on Wednesday said it has targeted to raise up to Rs 7,500 crore through rupee bonds in the current fiscal.

The borrowing programme comprises 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 2020-21.

Separately, it said that the board of directors has also approved the proposal to sell bank’s stake of up to 27 per cent in its life insurance joint venture IDBI Federal Life Insurance Company Ltd (IFLI).