Personal loan lender IDBI bank to go for capital infusion

The board of PSU personal loan lender, IDBI Bank would be meeting to take decision about capital infusion valued at Rs 3,119.04 crore from the government.

This capital infusion will take place in the form of equity share purchase by the government. The government would be purchasing 25.95 crore equity shares at Rs 120.19 a share as a portion of the plan to aid public sector banks in boosting their lending capacity.

The board would think about giving out preference shares valued at Rs 3,119.04 crore to the government.

Other 3 banks, viz Union Bank, Bank of Maharashtra and UCO Bank would also receive capital as a part of the capital infusion scheme.