IDBI Bank gains on capital infusion by government

The govt has infused Rs 2,229 crore for 29.60 crore equity shares at Rs 75.28 per share

Shares of IDBI Bank were up nearly 2% at Rs 91.50 after capital infusion by the government vide preferential allotment of equity shares.

In terms of Government of India has sanctioned release of Rs 2,229 crore towards Government of India's contribution in the preferential allotment of 29,60,94,580 equity shares of Rs 10 each at a price of Rs 75.28 per share, the company said in a release.

The aforesaid amount has been received in the account of IDBI Bank on December 29, 2015, the release added.

The stock opened at Rs 90.40 and touched a high of Rs 91.90. At 12:05pm, over 3.62 million shares were traded on both the stock exchanges.