IDFC First Bank shares zoom 10 pc after board nod for Rs 3,000 cr fund mop-up

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February 19, 2021 1:13 PM

Shares of IDFC First Bank on Friday jumped 10 per cent after the company said its board has approved raising up to Rs 3,000 crore through various means.

IDFC first bankThe lender said there are significant opportunities for growth based on the strong capabilities it has built as well as the strong outlook for economic recovery in India.

Shares of IDFC First Bank on Friday jumped 10 per cent after the company said its board has approved raising up to Rs 3,000 crore through various means. The stock, after a firm start, further zoomed 9.98 per cent to Rs 63.90 — its 52-week high — on BSE. On NSE, it gained 7.40 per cent to Rs 62.40 — its 52-week high.

The lender said there are significant opportunities for growth based on the strong capabilities it has built as well as the strong outlook for economic recovery in India.

The board of the bank has approved raising of funds “up to Rs 3,000 crore 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,” IDFC First Bank said in a regulatory filing.

The bank said it may raise the fund in one or more tranches.

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