InvestorQ : What was the IDFC Bank fund raising meant for?
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What was the IDFC Bank fund raising meant for?

Answer
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3 months ago


IDFC First Bank, formed by the merger of IDFC Bank and First Capital, has raised close to Rs.2,000 crore by issuing shares on preferential basis to its promoters and other financial services players. In all, as approve by the board of IDFC First Bank, an allotment of 86.24 crore equity shares will be at a price of Rs.23.19 per share. This will include a premium of Rs.13.19 over and above the face value of Rs.10. Out of the total allotment made to investors, a total of 34.49 crore shares were placed with IDFC Financial Holding Company while a total of 25.87 crore shares was allotted to ICICI Prudential Life Insurance Company. Among the other investors, HDFC Life, Bajaj Allianz Life and Dayside Investments were given allotments of 8.62 crore shares each.