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Business News/ Companies / News/ IDFC First Bank sets QIP floor price at ₹94.95/share

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IDFC First Bank sets QIP floor price at ₹94.95/share

1 min read 04 Oct 2023, 01:42 PM IST Join us

Mayur Bhalerao

In 2021, the bank raised had ₹3,000 crore through a QIP at a floor price of ₹57.35 per share.

For the first quarter of fiscal 2024, IDFC First Bank reported a consolidated net profit of ₹765 crore, up 61% year-on-year, while net interest income of the bank grew 36% on year to ₹3,745 crore during the period.

Mumbai: Private sector lender IDFC First Bank has set the floor price of its qualified institutional placement (QIP), which opened 3 October, at ₹94.95 per share.

On 29 July, the board had approved raising up to ₹3,000 crore by issue of equity shares and/or other equity-linked securities in one or more tranches through any permissible mode, including private placement and QIP.

The floor price is at a slight premium of Tuesday's closing price of ₹94.15 apiece on the National Stock Exchange.

“The bank may, at its discretion, offer a discount of not more than 5% on the floor price for the issue," IDFC First Bank said in a filing to the stock exchanges.

IDFC First Bank's committee will meet on 6 October to determine the issue price of the equity shares, including a discount, to be issued to eligible investors and the number of shares to be allotted to qualified institutional buyers.

In 2021, the bank raised had ₹3,000 crore through a QIP at a floor price of ₹57.35 per share.

Last month, Mint had reported that Rajiv Jain-led US-based boutique investment manager GQG Partners Llc acquired an additional 5.1 crore, or 0.76% stake, in private lender IDFC First Bank Ltd from V. Vaidyanathan, MD & CEO of the bank, for ₹478.7 crore through block deal on the exchange.

GQG Partners increased its stake in IDFC First Bank to 3.36% with the additional purchase of 5.1 crore shares. The investment firm has now invested over ₹41,478.7 crore in Indian companies in the past six months.

GQG Partners increased its stake in IDFC First Bank to 3.36% with an additional purchase of 5.1 crore shares. The investment firm has now invested over ₹41,478.7 crore in Indian companies in the past six months.

For the first quarter of fiscal 2024 (April-June), IDFC First Bank reported a consolidated net profit of ₹765 crore, up 61% year-on-year, while net interest income of the bank grew 36% on year to ₹3,745 crore during the period.