IDBI Bank rises 3%, borrowing limit hiked to Rs 15000 cr

Shares of  IDBI Bank  was up 3 percent intraday on Monday after its board meeting. In the meeting held on September 26, the board has approved to increase borrowing limit to Rs 15000 crore from Rs 4000 crore. “The board of directors has approved enhancement in rupee borrowing limit from the present limit of Rs. 4000 crore (approved by the shareholders on September 02, 2014) to Rs 15000 crore subject to compliance with all applicable laws, regulations & guidelines as well as the approval of shareholders to be obtained in terms of Section 42 of the Companies Act, 2013 by postal ballot,” it said in a statement. Also, the board has approved to infuse additional capital of Rs 58.34 crore by way of equity in its subsidiary compnay IDBI Asset Management to meet its growth requirements. At 13:31 hrs IDBI Bank was quoting at Rs 63.45, up Rs 0.80, or 1.28 percent on the BSE.