New Delhi, IDFC First Bank on Thursday said its board has approved a plan to raise Rs 3,200 crore through a preferential issue of shares to finance business growth.

The Board of the Bank in its meeting held on May 30, 2024 considered and approved the issue, proposal and allotment of 39.68 crore shares of face value Rs 10 each to the allottees on preferential basis, fully paid up, at value. Gave. Gave it worth Rs. 80.63 PE equity shares worth Rs 3,200 crore, IDFC First Bank said in a regulatory filing.

It said this is dependent on the approval of the bank's shareholders.

Further, the Board approved the process of issuing equity shares through preferential issue to the proposed allottees and conducting postal ballot to see shareholders' approval for the allotment.

After the allotment, the issued and paid-up equity share capital of the Bank will increase from 7,07,72,76,843 equity shares of Rs 10 each to 7,47,41,51,443 fully paid-up equity shares. Rs 10 each.

After the preferential issue, LIC's stake will increase from 0.20 per cent to 2.68 per cent, HDFC Life Insurance's stake will increase from 0.25 per cent to 1.31 per cent and Aditya Birla Sun Life Insurance Company's stake will increase from 0.25 per cent to 1.06 per cent. ,