IDFC First Bank announced on May 30 that its board has approved the issuance of shares worth Rs 3,200 crore on a preferential basis. These shares will be priced at Rs 80.63 each.
The shares will be allocated to several major financial institutions, including LIC, HDFC Life, AB Sun Life, Bajaj Allianz, ICICI Lombard, and SBI General.
The board has also decided to conduct a postal ballot to seek approval from shareholders for this issuance.
Shares of IDFC First Bank closed 1.23% higher at Rs 78.10 on the NSE.
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IDFC First Bank