IDFC First Bank hits new 52-week high on plans to raise Rs3,000cr in tranches

IDFC First Bank Limited on Thursday has approved raising of funds for an amount aggregating up to Rs3,000cr, in one or more tranches 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, subject to shareholders’ approval.

The company stock was in demand during morning trade on Friday. It hit a new 52-week high of Rs62.40 per piece. Each stock was trading at Rs61.30 per piece up Rs3.20 or 5.51% at around 10.58 am. 
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“The Board at its meeting held today noted the significant opportunities for growth of the Bank based on the strong capabilities the Bank has built and the strong outlook for economic recovery in India, and has approved raising of funds for an amount aggregating up to Rs3,000cr, in one or more tranches, on such terms and conditions as it may deem fit, 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, subject to shareholders’ approval through a Postal Ballot process and regulatory and other approvals, as may be required under applicable law,” company said in a regulatory filing on Thursday.

The company’s board has constituted and authorized ‘Capital Raising Committee’ to, inter-alia, decide the terms and conditions of the proposed fund raise.