IDFC First Bank board okays to raise Rs 3000 crore

Private sector financial institution, IDFC First Bank has said, “Its board has approved raising of up to Rs 3,000 crore through various modes.”

In a filing with the exchange on Thursday, IDFC First Bank said, “The board of the bank has approved raising of funds up to Rs 3000 crore by way of issuance of securities, through one or more permissible modes, including but not limited to a private placement, qualified institution placement follow on public offering or a combination thereof.”

“It may raise the fund in one or more tranches,” the bank said.