Mumbai, May 11 (IANS): The board of IDBI Bank will consider the proposal to raise equity capital through various modes in its meeting on May 15.

"The Board Meeting of IDBI Bank Ltd. to be held on Saturday, May 15, 2021 will consider the proposal for approval of Notice of the 17th Annual General Meeting of the Bank which includes the following as one of the items of business for the AGM: (i) To pass enabling Special Resolution in terms of Section 62(1)(c) of the Companies Act, 2013 for issue of equity capital through various modes," the bank said in a regulatory filing.

IDBI Bank is the first state-run bank which will be up for disinvestment. On May 5, the Cabinet Committee on Economic Affairs (CCEA) gave its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd.

The Government of India (GoI) and the LIC together own more than 94 per cent of equity of IDBI Bank, with the Centre holding 45.4 per cent and the LIC owning 49.24 per cent stake. LIC is currently the promoter of IDBI Bank with management control and the Centre is the co-promoter.

Around 2 p.m., shares of IDBI Bank on the BSE were trading at Rs 38.65, higher by 1.18 per cent from its previous close.