IDFC First Bank Receives Approval from Board to Raise Rs. 3,000 Cr
IDFC First Bank is an Indian banking firm in India. In July 2015, the bank has received a permit as a universal bank from the Reserve Bank of India. This is the first bank in India that introduced the Aadhar-based cashless merchant solution.
On Thursday, the private banking sector IDFC has received approval from its board members to raise up to Rs. 3,000 crores in various ways.
However, the board of IDFC first bank has approved raising of funds up to Rs. 3,000 crores by way of issuance of securities. The process will possible through one or more permissible modes. But, there is no clearance limited to the private placement, Qualified Institutional Placement, Follow-on Public Offering, or combination thereof.
According to the official statement, the firm will raise funds in one or more tranches.
The bank’s scrip closed 3.01 percent up at Rs. 58.10 apiece on BSE.