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IDFC First Bank to issue 377.5 million share to IDFC Financial Holding


IDFC First Bank on Thursday said its board of directors has approved the allotment of 377.5 million equity shares with face value of Rs 10 each on a preferential basis to IDFC Financial Holding Company Ltd, a wholly owned subsidiary of IDFC Ltd. Private Placement Rs 58.18 per equity share.


This comes after IDFC Ltd decided to infuse Rs 2,200 crore into the bank as growth capital.

In an exchange notification, the private lender said, “…we wish to inform that a duly authorized committee of the Board of Directors of IDFC First Bank has fully paid up allotment of 377.5 million equity shares of face value of Rs 10 each.” Promoter, a wholly owned subsidiary of IDFC Ltd., to IDFC Financial Holding Company on a preferential basis through private placement at a price of Rs 58.18 per equity share (including a premium of Rs 48.18 per equity share).


As a result of this process, IDFC Financial Holding’s stake in the bank will increase to 40 per cent of the bank’s paid-up equity share capital.


For this preferential allotment of equity shares, the lender has already received in-principle approval from the stock exchanges. Further, application for listing and trading approval to the stock exchanges for the allotted equity shares will be done in due course, the bank said.


Consequent to the allotment, the issued and paid-up equity share capital of the Bank stands increased to 6618.1 million equity shares of Rs 10 each.


IDFC First Bank is in the process of a three-way reverse merger, in which IDFC Financial Holdings and IDFC Limited will merge with the bank. Currently, IDFC Financial Holding holds 36.88 per cent stake in the private lender. In return, IDFC Ltd holds 100 per cent stake in IDFC Financial Holding.


On Thursday, the bank’s shares closed at Rs 55.13, down 1.68 per cent, on the BSE.



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