IDFC First Bank to issue 377.5 million share to IDFC Financial Holding

IDFC First Bank on Thursday said its board of directors has approved the allotment of 377.5 million equity shares, with a face value of Rs 10, to IDFC Financial Holding Company Ltd, the wholly owned subsidiary of IDFC Ltd, on a preferential basis by way of private placement at Rs 58.18 per equity share.

This comes after IDFC Ltd decided to infuse Rs 2,200 crore into the bank as growth capital.

In an exchange notification, the private lender stated, “…we wish to inform that the duly authorized committee of the board of directors of IDFC First Bank approved the allotment