IDFC First Bank QIP issue launched; share price drops over 2.5% intraday

IDFC First Bank on Tuesday has opened Qualified institutions placement (QIP) of equity shares aggregating to Rs 3,000 crore of face value Rs 10 each. The floor price in the aforesaid issue, based on the pricing formula is at Rs 60.34 per share.

IDFC First Bank may, at its discretion, offer a discount of not more than 5 per cent on the floor price for the Issue.

In a exchanges filing IDFC First Bank said, “A meeting of the Capital Raising Committee of the Bank is scheduled to be held on April 06, 2021, to consider and determine the issue price of Equity Shares to be issued pursuant to the Qualified institutions placement, including a discount, for the Equity Shares to be allotted to qualified institutional buyers, pursuant to the Issue."

IDFC First Bank share price today opened at Rs 58.9 per share, but fell over 2.5 per cent and is trading currently at Rs 56.8 per equity share. In the last five sessions, the stock has been trading between Rs 65-55 per share.