IDFC FIRST Bank Ltd hits fresh 52-week high on fundraising approval

Our Bureau Mumbai | Updated on February 19, 2021

The shares of IDFC FIRST Bank Limited hit fresh highs on Friday after its Board of Directors approved raising of funds for an amount aggregating up to ₹3,000 crore.

At 12:20 pm, it was trading at ₹64.95 on the BSE, up ₹6.85 or 11.79 per cent. It hit a 52-week high of ₹65.70. It opened at ₹58.70 as against the previous close of ₹58.10.

On the NSE, it was quoting ₹64.85 per share, up ₹6.75 or 11.62 per cent. It hit a fresh 52-week high of ₹66.80.

The Board of the bank in a meeting held on Thursday approved the raising of funds for an amount aggregating up to ₹3,000 crore.

“The Board at its meeting held today 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,” it said in an official release.

The fund-raising would be in one or more tranches, 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, subject to shareholders’ approval.

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Published on February 19, 2021
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