IDFC First Bank to boost capital by Rs 2,000 cr through preferential issue

Capital infusion to be supported by IDFC limited, ICICI Prudential Life, HDFC Life, Warburg Pincus and Bajaj Allianz

The board of IDFC First Bank approved the plan to raise Rs 2,000 crore of equity through preferential issue on Friday. This would be the first time that bank would raise capital since its inception in 2015. To enable the process, the board has allowed the bank to increase its authorised capital from Rs 5,368 crore to Rs 7,538 crore retaining its face value at Rs 10 a share.

The proposed equity issue infusion is set to be subscribed by IDFC Limited (holding company of the bank), which is set to acquire 344,976,282 shares. ICICI Prudential Life Insurance Company