IDFC First Bank Allots Shares Worth Rs 2,623 Crore To Platinum Invictus Via CCPS Conversion
In addition to the share allotment, First Bank has approved a dividend on the CCPS at the rate of 8%, amounting to Rs 39.7 crore.
IDFC First Bank has announced the allotment of 43.71 crore equity shares to Platinum Invictus B 2025 RSC following the conversion of Compulsory Convertible Preference Shares on Monday through an exchange filing.
The CCPS were earlier issued to Platinum Invictus at a price of Rs 60 per share, aggregating to a total value of approximately Rs 2,623 crore.
Following the conversion, Platinum Invictus now holds a 5.09% stake in IDFC First Bank. In addition to the share allotment, the board of directors has approved a dividend on the CCPS at the rate of 8%, amounting to Rs 39.7 crore. This dividend will be paid on a proportionate basis for the period from the date of allotment of the CCPS until their conversion into equity shares.
IDFC First Bank Q2 Highlights
IDFC First Bank's net profit for the second quarter of FY26 soared 75.5%, year-on-year. The bank reported a bottom-line of Rs 352 crore against Rs 201 crore in the same quarter last year.
Net Interest Income (NII) stood at Rs 5,113 crore up 7% from Rs 4,788 crore in the year-ago period. However, the operating profit declined 4% to Rs 1,880 crore from Rs 1,962 crore.
Gross NPA decreased to 1.86% sequentially from 1.97%, and Net NPA also saw a marginal decrease to 0.52% from 0.55% in the previous quarter.
Loans and advances increased 20% year-on-year to Rs 2.66 lakh crore whereas, CASA deposits or Current Account and Savings Account deposits stood at 1.38 lakh crore, up 27% from the same period last fiscal. Further, customer deposits also saw a 23% rise to Rs 2.69 lakh crore.
IDFC First Bank share price has risen 13.84% on a year-to-date basis, and is up 0.20% in the last 12 months.
