The bank currently is adequately capitalised and is open to disinvestment of non-core assets based on opportunities said P Sitaram, CFO, IDBI Bank.
The resolution for fund raising, and a ceiling on the amount that can be raised is passed in every Annual General Meeting but it not necessary that the bank will go in for a qualified institutional placement (QIP) as of now said P Sitaram, CFO, IDBI Bank in an interview to CNBC-TV18's Latha Venkatesh and Sonial Shenoy. The resolution stands valid till the next AGM.
The bank currently is adequately capitalised and is open to disinvestment of non-core assets based on opportunities said Sitaram.
IDBI bank has received the nod to raise Rs 4,000 cr via QIP or FPO
Also read: India Inc needs USD 1.52 bn to refinance debt in 2014: RBS
more to come
Below is the transcript of P Sitaram's interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Latha: Rs 4000 crore that you are raising, how much do you realistically expect to raise and by when? Will that be in calendar 2014?
A: This is an annual feature, every annual general meeting we pass a resolution putting a ceiling to the amount of capital that we can raise through equity and it is not necessary that we have to raise this amount.
As of now we don't have specific or concrete proposal in this regard, we will be exploring the options that we have during the course of the year. The resolution is valid till the completion of the next AGM.
more to come
IDBI Bank stock price
On July 07, 2014, at 09:25 hrs IDBI Bank was quoting at Rs 108.70, up Rs 0.90, or 0.83 percent. The 52-week high of the share was Rs 116.50 and the 52-week low was Rs 52.30.
The company's trailing 12-month (TTM) EPS was at Rs 6.99 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.55. The latest book value of the company is Rs 147.38 per share. At current value, the price-to-book value of the company is 0.74.
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