IDFC First Bank zooms on QIP announcement

The shares of IDFC First Bank gained after the company announced raising Rs 3,000 crore (approx.) through a qualified institutional placement (QIP) offer.  

On April 6, 2021, the Capital Raising Committee of the board of directors of the bank approved the issue and allotment of 52,31,03,660 equity shares of the face value of Rs 10 each. The issue price is Rs 57.35 per equity share that includes a premium of Rs 47.35 per equity share and is at a discount of Rs 2.99 per equity share to the floor price of Rs 60.34 per equity share.  

While the issue opened on March 30 and closed on April 06, 2021, allottees who have been allotted more than 5 per cent of the equity shares offered in the issue include Bajaj Allianz Life Insurance, Baillie Gifford Emerging Markets Equities, Baillie Gifford Pacific Fund A Sub Fund of Baillie Gifford Overseas Growth Funds, BNP Paribas Arbitrage, City Of New York Group Trust, Baillie Gifford Emerging Markets Growth, HDFC Life Insurance, and Tata AIA Life Insurance.  

The stock of the bank closed at Rs 57.50 per share, up by Rs 2.20 per share or 3.98 per cent. The 52-week high is Rs 69.30 while its 52-weeek low is Rs 18.50 on BSE.