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IDFC First Bank shares surges after board approves Rs 3,000 crore fundraise

Similar trend was witnessed on the NSE, as the stock was trading 3.71 per cent higher at Rs 51.70.

SNS | New Delhi |

Share price of IDFC First Bank soared on Friday afternoon after lender’s board agreed to raise up to Rs 3,000 crore via various means.

The stock, after a firm start, further zoomed 9.98 per cent to Rs 63.90, its 52-week high, on BSE. However, at 2.27 pm, the shares lost some shine and were trading at Rs 51.65, up by 3.61 per cent.

Similar trend was witnessed on the NSE, as the stock was trading 3.71 per cent higher at Rs 51.70. Earlier, it gained 7.40 per cent to Rs 62.40, its 52-week high.

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.

In a regulatory filing the private lender said, 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.”

The bank said it may raise the fund in one or more tranches.