IDFC First Bank shares close with nearly 8 pc gain after board nod for Rs 3,000 cr fund mop-up

Shares of IDFC First Bank on Friday closed with a gain of nearly 8 per cent after the company said its board has approved raising up to Rs 3,000 crore through various means.

The stock, after a firm start, further zoomed 13 per cent to Rs 65.70 -- its 52-week high -- on the BSE during the day. Later, it closed at Rs 62.45 , a gain of 7.49 per cent.

On NSE, it gained 7.83 per cent to close at Rs 62.65.

In traded volume terms, 133.96 lakh shares of the company were traded at the BSE and over 26 crore units at the NSE during the day.

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.