IDBI Bank will hold a meeting of the Board of Directors of the Company on 29 October 2020.

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A meeting of the board of directors of the bank is scheduled to be held on Thursday, 29 October 2020, to consider and approve raising of funds through issue of equity shares through qualified institutions placement, the bank said after market hours on Monday, 26 October 2020.

IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and MSME customers or agri-loans to farmers.

As on 30 September 2020, the Government of India holds 47.11% stake, while Life Insurance Corporation of India held 51% stake in the IDBI Bank.

The scrip shed 0.78% to Rs 38.30 on the BSE. It traded in the range of 38 and 38.95 so far during the day.

On a year-to-date (YTD) basis, the stock has gained 3.51% while the benchmark S&P BSE Sensex lost 2.63% during the same period.

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The Board of IDBI Bank will meet on 29 October 2020 to consider and approve raising of funds through issue of equity shares through qualified institutions placement, subject to approval of the regulatory and/or statutory authorities, as applicable.

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Net profit of IDBI Bank reported to Rs 332.63 crore in the quarter ended September 2020 as against net loss of Rs 3448.88 crore during the previous quarter ended September 2019. Total Operating Income declined 9.79% to Rs 4695.92 crore in the quarter ended September 2020 as against Rs 5205.59 crore during the previous quarter ended September 2019.

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