IDFC First Bank raises Rs 3,000 crore via QIP issue
BusinessToday.In April 7, 2021
IDFC First Bank announced that it has raised Rs 3,000 crore through a qualified institutional placement (QIP) offer.
The lender informed the stock exchanges that the Capital Raising Committee of its Board of Directors in a meeting on April 6 approved the issue and allotment of 52,31,03,660 equity shares of face value of Rs 10 each to qualified institutional buyers at an issue price of Rs 57.35 per equity share, including a premium of Rs 47.35. The issue aggregated to Rs 3,000 crore.
The issue opened on March 30, 2021, and closed on April 6, 2021.
Bajaj Allianz Life Insurance Company, three funds by Baillie Gifford, BNP Paribas Arbitrage, City Of New York Group Trust, HDFC Life Insurance and Tata AIA Life Insurance were the allottees who received more than 5 per cent of the equity shares offered in the QIP issue.
"On April 06, 2021, the bank has raised Rs 3,000 crore through Qualified Institutional Placement to marquee international and domestic investors by issuing 52.31 crore fresh equity shares having face value of Rs 10 each, at a price of Rs 57.35 per share. Out of this, 68.33 per cent of the allotment was made to foreign investors and 31.67 per cent of the allotment was made to the domestic investors," IDFC First bank said in a stock exchange filing.
IDFC First Bank also informed the stock exchanges that its total funded assets, as of March 31, 2021, stood at Rs 1,17,803 crore, after a YoY growth of 10.09 per cent and QoQ growth of 6.64 per cent. Its total customer deposits increased 43.15 per cent on annual basis to Rs 82,628 crore. The lender saw its CASA deposits rise 122.74 per cent YoY to Rs 46,022 crore at the end of financial year ended March 2021.
CASA ratio of the bank, as of March 31, 2021, increased 2,008 bps YoY to 51.95 per cent, whereas its average CASA ratio increased 2,251 bps YoY to 50.23 per cent.
Top 20 depositors' concentration in the bank declined 1,250 bps to 7.76 per cent. Average LCR for the March quarter increased 4,350 bps YoY to 155 per