The board of directors of IDFC First Bank Ltd. on Thursday approved fundraising of Rs 3,200 crore via preferential allotment of shares.

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The private lender said in an exchange filing that it will issue 39.68 crore shares to marquee investors at a price of Rs 80.63 per share. 

"The Board of Directors (“Board”) of the Bank at its meeting held today i.e., May 30, 2024, has, inter-alia, considered and approved to Issue, offer and allot 39,68,74,600 (Thirty nine crore sixty eight lakhs seventy four thousand and six hundred) equity shares of face value of ₹ 10/- each fully paid-up, on a preferential basis, to the allottees, as mentioned in Annexure 1 (“Proposed Allottees”), at a price of ₹ 80.63/- per equity share, amounting to ₹ 3,200 crore (Rupees Three thousand and two hundred crore only) [round off] (“Preferential Issue”), in accordance with the applicable provisions of the Companies Act, 2013 and SEBI ICDR Regulations, and also subject to approval of the shareholders of the ‘Bank’," the company said in an exchange filing.  

Post allotment, the issued and paid-up equity share capital of the bank will increase from 7,07,72,76,843 equity shares of Rs 10 each fully paid-up to 7,47,41,51,443 fully paid-up equity shares of Rs 10 each.

This is subject to approval of the shareholders of the bank, it said. Further, the board approved a process of carrying out postal ballot to seek approval of the shareholders for issuance and allotment of equity shares by way of preferential issue to the proposed allottees.