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IDFC First Bank gains after raising funds via QIP issue

·2-min read

The capital raising committee of board of directors of the bank, at their meeting held on Tuesday (6 April 2021) approved allotment of 52.31 crore shares to eligible qualified institutional buyers at the issue price of Rs 57.35 per equity share. The QIP issue opened on 30 March 2021 and closed on 6 April 2021.

Allottees who were issued more than 5% of the total equity shares offered in the QIP are Bajaj Allianz Life Insurance Company (11.98%), Baillie Gifford Emerging Markets Equities Fund (11.39%), Baillie Gifford Pacific Fund (8.95%), BNP Paribas Arbitrage (8.62%), City Of New York Group Trust (8.53%), Baillie Gifford Emerging Markets Growth Fund (6.79%), HDFC Life Insurance Company (6.67%) and Tata AIA Life Insurance Company (5.83%).

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased from Rs 5,675.84 crore consisting of 567.58 crore equity shares to Rs 6,198.95 crore consisting of 619.89 crore equity shares.

The private bank intends to utilize the proceeds from the Issue to enhance its capital adequacy ratio, in accordance with regulatory requirements, to support its balance sheet growth and other general corporate purposes.

IDFC First Bank was founded by the merger of IDFC Bank and Capital First in December 2018.The bank provides a range of financial solutions to individuals, small businesses and corporates. As of 31 December 2020, the bank has 576 branches and 541 ATMs across the country.

The bank reported a net profit of Rs 130 crore in Q3 FY21 as compared to a net loss of Rs 1,639 crore in Q3 FY20. Total income during the quarter improved by 0.7% year-on-year (YoY) to Rs 4711.72 crore.

Source: Capitalmarket.com