IDFC First Bank raises ₹3,000 crore via QIP issue

IDFC First Bank has raised ₹3,000 crore through a qualified institutional placement (QIP) offer, the company said.

IDFC First Bank informed in an exchange filing that the Capital Raising Committee the bank at its meeting held on April 06, 2021, approved the issue and allotment of 52,31,03,660 Equity Shares of face value of ₹10 each to qualified institutional buyers at an issue price of ₹57.35 per Equity Share aggregating to ₹3,000 crore.

The issue opened on March 30, 2021 and closed on April 06, 2021.

Bajaj Allianz Life Insurance, Baillie Gifford Emerging Markets Equities, BNP Paribas Arbitrage, City Of New York Group Trust, Baillie Gifford Emerging Markets Growth, HDFC Life Insurance, Tata AIA Life Insurance (have been allotted more than 5% of the equity shares offered in the Issue, the company said.

''Pursuant to the allotment of Equity Shares in the Issue, the paid-up Equity Share capital of the Bank stands increased from ₹5675,84,98,550 consisting of 567,58,49,855 Equity Shares to ₹6198,95,35,150 consisting of 619,89,53,515 Equity Shares of face value ₹10 each,'' said IDFC First Bank.