IDBI Bank has received an in-principle approval from board of directors to raise up to Rs 20,000 crore. The approval is for issuance of Rupee bonds up to a limit of Rs 20,000 crore to be borrowed in one or more tranches during FY17 or during one year from the date of passing of the special resolution by shareholders at the ensuing annual general meeting of the bank, whichever is later. The issuance will comprise senior/infrastructure bonds, Basel-III compliant tier II/additional tier I bonds by way of private placement/public issue, the bank said in BSE filing. The bank has drawn up a three-year medium-term plan, whereby it looks doubling its business, rebalancing its loan portfolio towards micro, small and medium enterprises, agriculture and retail credit, augment low-cost deposits, and to reduce bad loans.
