INSUBCONTINENT EXCLUSIVE:
IDBI Bank shares jumped as much as 10.84% in intraday trade after the announcement
The Cabinet on
Tuesday approved a capital infusion plan worth Rs 9,300 crore for IDBI Bank
The Cabinet cleared the IDBI Bank recapitalisation plan with a one-time infusion of funds by the government and Life Insurance Corporation
(LIC), Union Minister Prakash Javadekar said
The recapitalisation plan will put IDBI Bank "in the front foot to take the normal banking activities to the next level"
Shares in IDBI Bank jumped as much as 10.84 per cent during the session after the announcement
Here are 10 things to know about the IDBI Bank recapitalisation plan:The fund infusion will enable IDBI Bank to return to
profitability and normal lending, and give the government the option of recovering its investment at an opportune time, an official
insurance major raised its shareholding in the lender over the next few months.At the end of the quarter ended June 30, LIC had a 51 per
announced mega merger plans of state-run banks which would more than halve the number of public sector lenders in the system to 12.IDBI Bank
shares ended 7.66 per cent higher at Rs 28.80 apiece on the BSE, sharply outperforming the benchmark Sensex index which closed 2.06 per cent
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