IDBI Bank to raise Rs 1,500 cr by selling 28 cr shares to LIC

State-owned IDBI Bank today said it proposes to offer about 28 crore shares at Rs 53.44 apiece to LIC on preferential basis to raise Rs 1,500 crore.
The bank's extra ordinary general meeting in this regard will be held on March 22, IDBI said in a regulatory filing on the exchanges.
The board has approved the proposal for preferential issue of capital to Life Insurance Corporation of India, aggregating up to Rs 1,500 crore (inclusive of premium amount) subject to Government of India's approval, it said.
LIC and various other schemes currently hold 7.25 per cent stake in IDBI Bank.

Besides, the bank has also received market regulator Sebi's approval to raise Rs 3,771 crore through issue of shares to qualified institutional players, a move which would dilute the government's holding significantly in the lender.