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IDFC First Bank's board approves issuance of preferential shares worth Rs 3,200 cr

IDFC First Bank's board approves issuance of preferential shares worth Rs 3,200 cr

| @indiablooms | 30 May 2024, 11:37 pm

Mumbai: IDFC First Bank on Thursday revealed that its board has approved the issuance of shares valued at Rs 3,200 crore on a preferential basis, priced at Rs 80.63 per equity share.

The shares will be allotted to LIC, HDFC Life, Aditya Birla Sun Life, Bajaj Allianz, ICICI Lombard, and SBI General.

“The bank intends to raise funds of Rs 3,200 crore by issuing equity shares of the bank on a preferential basis. With this proposed capital raise of Rs 3,200 crore, the overall capital adequacy of the bank will further increase to 17.49 per cent, as computed on the risk-weighted assets as of March 31, 2024, which will put the bank in a strong position to participate in future growth,” the bank said in a release.

Following the allotment, the issued and paid-up equity share capital of the bank will rise from 707,727,684 equity shares of Rs 10 each to 747,415,144 equity shares of Rs 10 each, all fully paid-up.

The bank noted that this issuance requires shareholder approval.

Additionally, the board has approved conducting a postal ballot to seek shareholder consent for the issuance and allotment of equity shares on a preferential basis to the proposed allottees.

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