IDFC First Bank raises Rs 3,200 crore by selling shares to LIC, 5 other insurers

IDFC First Bank on Thursday said it has raised Rs 3,200 crore by selling equity shares to six insurance companies, including LIC and HDFC Life.

In a regulatory filing, IDFC First Bank informed that an authorised committee of the board of directors approved the allotment of more than 39.68 crore shares for Rs 80.63 per scrip, "aggregating to Rs 3,200 crore".

The names of the six companies to whom shares have been allotted are Life Insurance Corporation of India, HDFC Life Insurance Company, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, ICICI Lombard General Insurance Company and SBI General Insurance Company.

On May 30 and June 28, the lender's board approved the issue and allotment of shares through preferential issues on a private placement basis.

More than 18.6 crore shares have been allotted to LIC. As a result, LIC stake in IDFC First Bank has increased to 2.68 per cent.