IDBI Bank to get Rs 810 cr infusion from govt

State-owned IDBI Bank on Monday said the government has decided to infuse Rs 810 crore in the bank by way of preferential allotment of shares.

Government of India (GoI), in a letter dated March 23, 2012, had decided to infuse capital funds to the tune of Rs 810 crore by way of preferential allotment of equity, IDBI Bank said in filing on the BSE.

Last month, the bank decided to sell 5 per cent stake to Life Insurance Corporation (LIC) on preferential basis.

LIC has in-principle given approval for subscribing a maximum of up to 5 per cent of the pre-issue paid up equity capital of the bank, it had said.