IDBI Bank plans FPO in January

IDBI Bank on Friday said it plans to come out with a follow-on public offer in January next year.

"We plan to some out with an FPO in January," IDBI Bank chairman and managing director Yogesh Agarwal told reporters.

Asked about amount that it plans to raise, Agarwal said, "Whole size of the issue would be double of what the Government of India is willing to subscribe." Currently, the government holds 52 per cent stake in the bank.

"I am waiting for the government's clarity as to how much money they (government) are giving to the bank," he said.

The bank is also planning to raise $500 million through bonds from overseas markets, he said.

The shares of the bank were trading at Rs 119.05 on BSE in afternoon trade, up by 1.67 per cent over the previous close.