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IDBI Bank board approves rupee bond borrowing limit of ₹ 8000cr
March 30, 2022
Life Insurance Corporation subsidiary, IDBI Bank on Tuesday receives the board of director’s approval for a rupee bond getting a borrowing limit of up to ₹8,000 crore for financial year FY23. Likewise, the board approved the divestment of the bank’s stake in NSDL and AFLI.
According to the regulatory filing, the board supported a rupee bond borrowing limit of ₹8,000 crore for the financial year 2022-23, to be acquired in at least one tranches including Additional Tier I (AT-1) Bonds up to ₹3,000 crore and Senior/Infrastructure Bonds up to ₹1,000 crore via private placement in the same fiscal.
In another development, the board gives principal approval for divestment of the Bank’s stake up to 11.10% of paid-up share capital of National Securities Depository Ltd. (NSDL) through the market-driven process.
Additionally, the board supported the offer of IDBI Bank’s whole stake of 20 crore equity shares in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas) according to the exercise of the Call Option by Ageas.
On BSE, IDBI Bank shares finished on a negative note. The shares closed at ₹42.85 apiece down 3.05% on the stock exchange.
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