IDBI Bank announced that its board of directors approved the proposal for mobilization in one or more tranches of Rs 40 billion and Foreign currency resources up to USD 7.5 billion equivalent outstanding, comprising in respect of both the above of senior bonds, Basel III Compliant Tier II / Additional Tier I Bonds, by way of private placement.

The above proposal is subject to approval from shareholders and other statutory / regulatory approvals, if any, the company said.

Shares of the company declined Rs 0.10, or 0.09%, to settle at Rs 107.80. The total volume of shares traded was 500,325 at the BSE (Friday).