IDFC First Bank shares are in the spotlight today after the private sector lender announced that its board has approved the allotment of preference shares.
The issue includes the allotment of Rs 43.72 crore compulsorily convertible cumulative preference shares to Platinum Invictus B at an issue price of Rs 60 per share. The bank expects to raise approximately Rs 2,623 crore through share allotments.
Key Highlights
- IDFC First Bank board approves ₹7,500 crore preferential issue to Warburg Pincus and ADIA affiliates.
- Shares fell over 4% upon announcement, though later partially recovered amid optimism about strengthened capital adequacy.
IDFC First Bank rose 2.07% to Rs 71.33 on Tuesday, compared to the previous close of Rs 69.88 on the BSE. Total 6.95 lakh shares of the company changed hands, resulting in a turnover of Rs 4.91 crore. The bank's market capitalization rose to Rs 52,332 crore on the BSE.
Also Read: IDFC Bank Shareholders Decline Warburg Pincus Board Seat Proposal
"We would like to notify you that the duly authorized Committee of the Bank's Board of Directors ("Board Committee") has approved the preferential allotment of 43,71,85,666 (forty three crore seventy one lakh eighty five thousand six hundred sixty six) CCPS of face value of? 10/-each fully paid-up, at an issue price of Rs 60/-per CCPS to Platinum Invictus B 2025 RSC Limited, totaling Rs 2,623 crore (rounded off)," the lender stated.
On May 15, 2025, the bank announced that it had obtained in-principle approvals for the aforementioned preferential issue from both BSE Limited and the National Stock Exchange of India Limited.
