IDFC FIRST Bank Ltd to raise Rs. 3000 crore

The Board of Directors ("Board") of IDFC FIRST Bank Limited ("Bank") at its meeting held today i.e., Thursday, February 18, 2021, noted the significant opportunities for growth of the Bank based on the strong capabilities the Bank has built and the strong outlook for economic recovery in India, and has approved raising of funds for an amount aggregating up to ₹ 3,000 crore (Rupees Three Thousand Crore), in one or more tranches, on such terms and conditions as it may deem fit, by way of issuance of Securities, through one or more permissible mode(s), including but not limited to a Private Placement, Qualified Institutions Placement, Follow-on Public Offering or a combination thereof, subject to shareholders' approval through a Postal Ballot process and regulatory and other approvals, as may be required under applicable law.

In order to give effect to the above, the Board has constituted and authorized 'Capital Raising Committee' of the Board to, decide the terms and conditions of the proposed fund raise.

Shares of IDFC First Bank Ltd was last trading in BSE at Rs.58.1 as compared to the previous close of Rs. 56.4. The total number of shares traded during the day was 3940414 in over 17315 trades.

The stock hit an intraday high of Rs. 58.9 and intraday low of 55.9. The net turnover during the day was Rs. 227753299.

Source : Equity Bulls

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