IDFC First Bank gets board nod for Rs 3,000 cr fund mop-up

Private sector IDFC First Bank on Thursday said its board has okayed raising up to Rs 3,000 crore through various means. The bank said it may raise the fund in one or more tranches.

Private sector IDFC First Bank on Thursday said its board has okayed raising up to Rs 3,000 crore through various means. The lender said there are 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. The bank said it may raise the fund in one or more tranches. The bank's scrip closed 3.01 per cent up at Rs 58.10 apiece on BSE.