IDFC FIRST Bank Limited opens QIP

Pursuant to the approval accorded by the Board of Directors of IDFC FIRST Bank Limited (the "Board"), at its meeting held on February 18, 2021 and the special resolution passed by the shareholders of the Bank by way of postal ballot on March 21, 2021, the Capital Raising Committee of the Board (the "Capital Raising Committee") has, at its meeting held today i.e. March 30, 2021, has authorised the opening of the Issue today, i.e. March 30, 2021.

The board approved and adopted the preliminary placement document dated March 30, 2021, together with the application form dated March 30, 2021 in connection with the Issue. The committee also noted and approved the floor price for the Issue.

The floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹ 60.34 per Equity Share.

In accordance with the approval of the Shareholders accorded through a special resolution passed by way of a postal ballot on March 21, 2021, the Bank may at its discretion offer a discount of not more than 5% on the floor price for the Issue.

Shares of IDFC First Bank Ltd was last trading in BSE at Rs.58.3 as compared to the previous close of Rs. 57.7. The total number of shares traded during the day was 1477907 in over 4744 trades.

The stock hit an intraday high of Rs. 60 and intraday low of 58. The net turnover during the day was Rs. 86958208.

Source : Equity Bulls

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