IDFC, promoter of IDFC First Bank, will infuse Rs 2,196 crore in the lender through an equity share issue on a preferential basis. The bank will issue 378 million shares to the IDFC Financial Holding Company, a subsidiary of IDFC, at Rs 58.18 apiece. On Friday, shares of IDFC First Bank ended at Rs 58.80 on BSE, 1.3% lower compared to its previous close.
“The board of directors of the bank has approved to issue 378 million shares on a preferential basis, to IDFC Financial Holding Company Limited, wholly-owned subsidiary of IDFC Limited, at Rs 58.18 per share amounting to Rs 2,196 crore,” the bank said in an exchange filing.
Post the allocation, the shareholding of the IDFC Financial Holding Company will increase to 39.99% as compared to 36.37%. The public shareholding in the bank is at 63.62% as of December 31.
Cloverdell Investment and Dayside Investment, both entities owned by private equity major Warburg Pincus, hold 7.56% and 1.47% stake, respectively, in the bank. ICICI Prudential Life Insurance Company holds 3.20% stake, while the government holds 4.19% stake in the bank.
The bank’s capital adequacy ratio was at 16.06% with CET-1 ratio at 13.49% as on December 31.