IDFC First Bank share hits 52-week high on board's nod to raise Rs 3,000 crore

Share of IDFC First Bank hit a fresh 52-week high today after board of the lender approved raising up to Rs 3,000 crore through various means. IDFC First Bank share touched an intraday high of Rs 65.7, rising 13.08% on BSE. The stock has gained 19.03% in the last 3 days.

IDFC First Bank share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 68.96% since the beginning of this year and risen 56.89% in one year.

The large cap stock closed 7.75% or Rs 4.50 higher at Rs 62.60 on BSE. Market cap of the lender stood at Rs 35,516 crore.

The bank said there were significant opportunities for growth based on the strong capabilities it has built as well as the strong outlook for economic recovery in India.

The board of the bank has approved raising of funds "up to Rs 3,000 crore 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," IDFC First Bank said in a regulatory filing.

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The bank said it may raise the fund in one or more tranches.

Meanwhile, amid heavy selling in financial services, private banks and auto stocks, the S&P BSE Sensex ended 435 points lower at 50,889 and NSE Nifty 50 index fell 137 points to 14,981.