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IDBI Bank to raise Rs 10,000 cr

IDBI Bank intends to raise Rs 10,000 crore through issue of rupee bonds. The bank is seeking shareholders’ approval for the plan. The bank wants to issue equity capital aggregating up to Rs 5000 crore through various alternative modes, including QIP. Besides, it is also seeking permission for issue of rupee bonds aggregating up to Rs 5000 crore. Rupee bonds or rupee denominated bonds (RDBs) are the newest instruments allowed by the Reserve Bank which companies can float only overseas to raise money.

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