IDBI Bank rose 1.22% to Rs 83 at 14:00 IST on BSE after the bank said it has raised $350 million by way of issue of Green Bonds.
The bank made announcement during market hours today, 26 November 2015.
Meanwhile, the S&P BSE Sensex was up 178.37 points or 0.69% at 25,954.11.
On BSE, so far 2.21 lakh shares were traded in the counter as against average daily volume of 12.28 lakh shares in the past one quarter.
The stock hit a high of Rs 83.60 and a low of Rs 82.10 so far during the day. The stock had hit a 52-week high of Rs 89.75 on 30 October 2015. The stock had hit a 52-week high of Rs 52.45 on 25 August 2015.
The stock had outperformed the market over the past one month till 24 November 2015, declining 2.5% compared with Sensex's 6.17% fall. The scrip had also outperformed the market in past one quarter, surging 43.48% as against Sensex's 0.13% rise.
The large-cap PSU bank has an equity capital of Rs 1603.96 crore. Face value per share is Rs 10.
IDBI Bank had launched a US dollar denominated Green Bond issue having a size of $350 million and tenure of 5 years on 23 November 2015. The issue received an overwhelming response from investors and was subscribed by 3 times. The issue was made under the $5 billion medium term note (MTN) programme listed on the Singapore Stock Exchange. The issue had an initial price guidance of 270 basis points (bps) above 5 year treasury yield. Final issue price stood at 255 basis points above the 5 year treasury yield, with price tightening by 15 bps from the initial price guidance. After the issue final coupon rate was 4.25% at fixed rate.
IDBI Bank has become the first PSU bank to raise $350 million by selling Green Bonds, where proceeds are used for refinancing of clean energy projects in India assisted by IDBI Bank.
Green bonds are debt instruments where the money raised is used for funding renewable energy projects.
IDBI Bank's net profit rose 0.9% to Rs 119.50 crore on 4% growth in total income to Rs 7913.64 crore in Q2 September 2015 over Q2 September 2014.
The Government of India held 76.5% stake in IDBI Bank (as per the shareholding pattern as on 30 September 2015).
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