IDFC First Bank at new high

IDFC First Bank, which had closed yesterday at Rs.58.10, went on to hit a new high today at Rs.62.40 and continues to trade at Rs.61 levels. Its 10% UC for the day is at Rs.63.90.

The stock price rose after the Board yesterday approved raising of funds for an amount aggregating up to Rs.3,000 crore, in one or more tranches, 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.

This bank for formed through a merger between IDFC Bank and Capital First. As of 31 December 2020, the bank has 576 branches and 541 ATMs.