IDFC First Bank gains 9%, hits 52-week high as board approves fund raising

The lender said there are significant opportunities for growth based on the strong capabilities it has built as well as the strong outlook for economic recovery in India

Shares of IDFC First Bank hit a fresh 52-week high of Rs 63.05, up 9 per cent in the intra-day trade, on the BSE on Friday after the bank's board approved raising up to Rs 3,000 crore.

"The Board at its meeting held on Thursday, February 18, noted the significant opportunities for growth of the Bank based on the strong capabilities the Bank has built and the strong outlook for economic recovery in India, and has approved raising of funds for an amount aggregating up to Rs 3,000 crore, in one or more tranches," it said in an exchange filing.

Fund raising