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Business News/ Markets / Stock Markets/  IDFC First Bank likely to raise 3,000 crore via QIP
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IDFC First Bank likely to raise ₹3,000 crore via QIP

IDFC First Bank is planning to raise Rs3,000 crore via a qualified institutional placement (QIP), according to a media report.

IDFC First Bank is expected to raise ₹3,000 crore via QIP. (MINT)Premium
IDFC First Bank is expected to raise 3,000 crore via QIP. (MINT)

Private sector bank, IDFC First Bank is reportedly planning to raise 3,000 crore via a qualified institutional placement (QIP), reported CNBC TV 18 citing sources. 

The report suggests that the private lender is likely to raise funds via QIP on October 3. Mint could not independently verify the report. So far, there has been no official announcement by the bank. 

According to the report, the QIP price is likely to remain around 90-91 per share. It comes at a 3-4 percent discount to the closing price of 94.25 on October 3. In August this year, shareholders in the bank had approved fund raising in the company's annual general meeting.

In 2021, the bank had launched a QIP in that year as well. At that time, the isssue price was fixed at 57.35 per share. At that time, the banking firm had allotted 52.31 crore equity shares to qualified institutional buyers to raise 3,000 crore.

On Tuesday, IDFC First bank closed 1.55% down at 94.05 per share on BSE. The company stock value has improved by 53.93 per cent YTD and by 90.58 per cent in one year.

Last month, IDFC First Bank secured investment from GQG Partners LIC. The US-based boutique investment manager 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, reported Mint's Mayur Bhalerao and Gopika Gopakumar.

With this acquisition of shares, GQG Partners stake increased to 3.36% in IDFC First Bank. Now, the company has invested over 41,478.7 crore in Indian companies in the past six months.

“The bank is always thinking of building for the long run. We are not looking at quarters. We are looking ahead into years and decades. The bank has been seeing strong deposit flow," saidV. Vaidyanathan, MD & CEO of the bank.

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Updated: 03 Oct 2023, 11:37 PM IST
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