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Life Insurance Corporation subsidiary, IDBI Bank on Tuesday receives the board of directors’ approval for a rupee bond borrowing limit of up to ₹8,000 crore for fiscal year FY23. Also, the board approved the divestment of the bank’s stake in NSDL and AFLI.
As per the regulatory filing, the board approved a rupee bond borrowing limit of ₹8,000 crore for the financial year 2022-23, to be borrowed in one or more tranches comprising Additional Tier I (AT-1) Bonds up to ₹3,000 crore and Senior/Infrastructure Bonds up to ₹1,000 crore by way of private placement in the same fiscal.
In another development, the board gives in-principle 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.
Also, the board approved the sale of IDBI Bank’s entire 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 by 3.05% on the stock exchange.
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