rediff.com

IDFC First Bank Raises Rs 3,200 Cr via Preferential Issue

Share on:

By Rediff Money Desk, New Delhi   May 30, 2024 16:08

IDFC First Bank's board approves Rs 3,200 crore fundraise through preferential share issue to fuel business growth. The move will see LIC, HDFC Life, and Aditya Birla Sun Life increase their stakes.
IDFC First Bank Raises Rs 3,200 Cr via Preferential Issue
Photograph: Courtesy: IDFC First Bank Photos/Wikimedia Commons
New Delhi, May 30 (PTI) IDFC First Bank on Thursday said its board approved a plan to raise Rs 3,200 crore via preferential issue of shares to fund business growth.

The board of the bank at its meeting on May 30, 2024 considered and approved to issue, offer and allot 39.68 crore shares of face value of Rs 10 each fully paid-up, on a preferential basis, to the allottees at a price of Rs 80.63 per equity share, amounting to Rs 3,200 crore, IDFC First Bank said in a regulatory filing.

This is subject to approval of the shareholders of the bank, it said.

Further, the board approved a process of carrying out postal ballot to seek approval of the shareholders for issuance and allotment of equity shares by way of preferential issue to the proposed allottees.

Post allotment, the issued and paid-up equity share capital of the bank will increase from 7,07,72,76,843 equity shares of Rs 10 each fully paid-up to 7,47,41,51,443 fully paid-up equity shares of Rs 10 each.

After the preferential issue, LIC stake would increase from 0.20 per cent to 2.68 per cent and HDFC Life Insurance from 0.25 per cent to 1.31 per cent and Aditya Birla Sun Life Insurance Company from 0.25 per cent to 1.06 per cent.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

TODAY'S MOST TRADED COMPANIES

  • Company Name
  • Price
  • Volume

More »

Moneywiz Live!