IDFC First Bank raises Rs 3,200 crore

The bank’s board has approved the allotment of over 39.68 crore shares at Rs 80.63 per share.

IDFC First Bank raises Rs 3,200 crore

IDFC First Bank has raised Rs 3,200 crore by selling shares to six insurance companies, including LIC and HDFC Life.

The bank’s board has approved the allotment of over 39.68 crore shares at Rs 80.63 per share.

The insurers participating in this fundraising include Life Insurance Corporation of India, HDFC Life, Aditya Birla Sun Life Insurance, Bajaj Allianz Life Insurance, ICICI Lombard General Insurance, and SBI General Insurance.

In a regulatory filing, IDFC First Bank informed that an authorized committee of the board of directors approved the allotment of more than 39.68 crore shares for Rs 80.63 per scrip, "aggregating to Rs 3,200 crore".

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18.6 crore shares have been allotted to LIC, increasing LIC's stake in IDFC First Bank to 2.68%.

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