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IDFC First Bank to issue Rs 3,200 cr of equity shares on preferential basis

The allottees of these shares are LIC, HDFC Life, Aditya Birla Sun Life, Bajaj Allianz, ICICI Lombard, and SBI General

IDFC FIRST Bank
Anjali Kumari Mumbai
1 min read Last Updated : May 30 2024 | 6:27 PM IST
IDFC First Bank announced on Thursday that its board has approved the issuance of shares worth Rs 3,200 crore on a preferential basis at Rs 80.63 per equity share. The allottees of these shares are LIC, HDFC Life, Aditya Birla Sun Life, Bajaj Allianz, ICICI Lombard, and SBI General.

“The bank intends to raise funds of Rs 3,200 crore by issuing equity shares of the bank on a preferential basis. With this proposed capital raise of Rs 3,200 crore, the overall capital adequacy of the bank will further increase to 17.49 per cent, as computed on the risk-weighted assets as of March 31, 2024, which will put the bank in a strong position to participate in future growth,” the bank said in a release.

Post allotment, the issued and paid-up equity share capital of the bank will increase from 707,727,684 equity shares of Rs 10 each to 747,415,144 equity shares of Rs 10 each, all fully paid-up.

The bank stated that this issuance is subject to shareholder approval. The board has also approved conducting a postal ballot to seek shareholder approval for the issuance and allotment of equity shares on a preferential basis to the proposed allottees.

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Topics :IDFC First BankBanking sectorfinance sectorequity broking

First Published: May 30 2024 | 6:27 PM IST

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