IDFC First Bank Ltd. launched its qualified institutional placement on Oct. 3 to raise funds at a floor price of Rs 94.95 apiece.
The floor price of the QIP is nearly the same as the lender's closing price on Tuesday; shares closed at Rs 94.25 apiece.
The board approved raising funds up to an amount aggregating to Rs 3,000 crore on July 29, according to an exchange filing.
"The shareholders accorded through a special resolution passed on Aug. 31, 2023, the bank may, at its discretion, offer a discount of not more than 5% on the floor price of the issue," the filing said.
The bank will be meeting on Oct. 6 to consider and determine the issue price of equity shares to be issued pursuant to the issue, including a discount, if any thereto, as permitted under the SEBI ICDR Regulations, and equity shares to be allotted to qualified institutional buyers pursuant to the issue, the filing said.
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