Home >Companies >News >IDFC First Bank shares zoom 10% after board nod for 3,000 cr fund mop-up

Shares of IDFC First Bank on Friday jumped 10% after the company said its board has approved raising up to 3,000 crore through various means.

The stock, after a firm start, further zoomed 9.98 to 63.90 -- its 52-week high -- on BSE.

On NSE, it gained 7.40 per cent to 62.40 -- its 52-week high.

The lender said there are significant opportunities for growth based on the strong capabilities it has built as well as the strong outlook for economic recovery in India.

The board of the bank has approved raising of funds "up to 3,000 crore by way of issuance of securities, through one or more permissible mode(s), including but not limited to a private placement, qualified institutions placement, follow-on public offering or a combination thereof," IDFC First Bank said in a regulatory filing.

The bank said it may raise the fund in one or more tranches.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout