BANKS
Promoter to up stake in IDFC First Bank to 40%
IDFC First Bank’s board has approved allotment of 37.75 crore shares to a subsidiary of IDFC on preferential basis for Rs 2,196 crore.
IDFC First Bank’s board has approved allotment of 37.75 crore shares to a subsidiary of IDFC on preferential basis for Rs 2,196 crore.
IDFC First Bank’s board has approved allotment of 37.75 crore shares to a subsidiary of IDFC on preferential basis for Rs 2,196 crore.
Equity shares of face value of Rs 10 each fully paid-up on a preferential basis will be issued to IDFC Financial Holding Company, a wholly-owned subsidiary of IDFC Ltd, at a price of Rs 58.18 apiece, including premium of Rs 48.18 per share, IDFC First Bank said in a regulatory filing on Saturday.
The allotment of shares will increase IDFC Financial Holding's stake in IDFC First Bank from 36.37% at present to 39.99%.
The proposal is subject to acceptance of the offer by the board of IDFC and approval of the shareholders of the bank, the lender said.
