MUMBAI: IDFC FIRST Bank on Friday disclosed plans to raise ₹2,000 crore via a preferential issue to ICICI Prudential Life Insurance Co., HDFC Life Insurance Co., Bajaj Allianz Life Insurance, Dayside Investment (Warburg Pincus group), and the bank’s promoter, IDFC Ltd, among others.
On 28 April, Mint had reported that IDFC First Bank is looking to raise ₹1,800-2,000 crore through a preferential allotment of shares and the capital will be used for strengthening the lender's capital buffers and drive future growth The preferential allotment will help the bank improve its common equity tier 1 or CET 1 ratio, which has steadily fallen from 15.27% in March 2019 to 13% at the end of March this year.