IDFC on Monday decided to raise $500 million through a qualified institutional placement (QIP). The lender is expected to use the proceeds in tier I capital and lending as well. The lender would issue 13.7 crore shares for the same.The company is expected to sell stock for about Rs 168.25 per share. The board of IDFC on April 27 approved plans to raise as much as $755 million to fund expansion, according to a statement to the Bombay Stock Exchange.
Sabharwal appointed ED of ICICI Bank
ICICI Bank on Monday announced the appointment of Rajiv Sabharwal as the executive director of the bank. The bank has received the approval of RBI for the appointment, the bank said in a filing to the BSE. The board of ICICI Bank had approved the appointment of Sabharwal in April itself. The decision was taken after the resignation of ICICI Bank ED Sonjoy Chatterjee.