BUSINESS

IDFC First Bank Raises Rs 3,000 Crore Via QIP Issue

IDFC First Bank has raised Rs 3,000 crore through a qualified institutional placement (QIP) offer, the company said. IDFC First Bank informed in an exchange filing that the Capital Raising Committee the bank at its meeting held on April 06, 2021, approved the issue and allotment of 52,31,03,660 Equity Shares of face value of Rs 10 each to qualified institutional buyers at an issue price of Rs 57.35 per Equity Share aggregating to Rs 3,000 crore. The issue opened on March 30, 2021 and closed on April 06, 2021.

Bajaj Allianz Life Insurance, Baillie Gifford Emerging Markets Equities, BNP Paribas Arbitrage, City Of New York Group Trust, Baillie Gifford Emerging Markets Growth, HDFC Life Insurance, Tata AIA Life Insurance (have been allotted more than 5 per cent of the equity shares offered in the Issue, the company said.

”Pursuant to the allotment of Equity Shares in the Issue, the paid-up Equity Share capital of the Bank stands increased from Rs 5675,84,98,550 consisting of 567,58,49,855 Equity Shares to Rs 6198,95,35,150 consisting of 619,89,53,515 Equity Shares of face value Rs 10 each,” said IDFC First Bank.

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