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IDFC FIRST Bank board approves fund raising plan

Capital Market 

IDFC FIRST Bank said its board approved raising of funds for an amount aggregating up to Rs 3,000 crore, in one or more tranches.

The private sector bank said fund raising will be by way of issuance of securities, through one or more permissible mode(s), including but not limited to a Private Placement, Qualified Institutions Placement, Follow-on Public Offering or a combination thereof.

The stock hit a 52-week high of Rs 58.9 on 18 February 2021. The stock hit a 52-week low of Rs 17.75 on 24 March 2020.

The announcement was made after market hours yesterday, 18 February 2021. Shares of IDFC FIRST Bank gained 3.01% to settle at Rs 58.10 yesterday.

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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, February 19 2021. 08:41 IST