IDFC First Bank raises nearly Rs 2,000 cr via preferential allotment of shares

IDFC First Bank on Friday said it has raised nearly Rs 2,000 crore by issuing shares on preferential basis to its promoters and various other financial services players.

"The duly authorized committee of the board of directors of the bank at its meeting held today, i.E. June 12, 2020, has approved the allotment of 86,24,40,704 equity shares ...At a price of Rs 23.19 per equity share (including premium of Rs 13.19 per share), to the allottees on preferential basis," IDFC First Bank said in a regulatory filing.

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Promoter IDFC Financial Holding Company Ltd bought 34,49,76,282 shares, followed by?ICICI Prudential Life Insurance Company Ltd which subscribed to?25,87,32,212 shares in the private sector bank.

HDFC Life Insurance Company Limited, Bajaj Allianz Life Insurance Limited and Dayside Investment Ltd had allotments of 8,62,44,070 shares each.

Stock of IDFC First Bank closed 4.02 per cent up at Rs 25.90 apiece on BSE.