- Shareholders approved IDFC First Bank's equity and debt fundraising via private placement
- Equity issuance resolution passed with 99% votes in favour and 214 against
- Debt securities issuance approved with 99.93% votes in favour and 195 against
IDFC First Bank In Focus: Shareholders of IDFC First Bank Bank have approved two special resolutions allowing the lender to raise funds through the issuance of equity securities and debt securities on a private placement basis.
The resolution for raising funds through the issuance of equity securities was approved with 99% of the valid votes cast in favour. A total of 4,64,96,06,684 votes were cast in favour, while 4,69,47,682 votes were against the resolution.
Meanwhile, shareholders also approved the proposal for issuance of debt securities on a private placement basis, with 99.93% of valid votes cast in favour. The resolution received 5,35,92,44,846 votes in favour, compared with 38,79,531 votes against.
For the equity fundraising resolution, 3,573 members voted in favour, while 214 voted against. No invalid votes were recorded.
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For the debt securities proposal, 3,584 members voted in favour and 195 voted against, with no invalid votes reported.
The approvals provide IDFC First Bank with shareholder backing to raise capital through equity securities and debt instruments, giving the lender greater flexibility to strengthen its funding base and support future business requirements.
IDFC First Bank Q1 Show
IDFC First Bank Ltd.'s net profit more than doubled year-on-year (YoY) to Rs 1,075 crore in Q1FY27 from Rs 463 crore, marking the bank's highest-ever quarterly profit.
Net interest income (NII) rose 21% to Rs 5,972 crore, while operating profit increased 14% to Rs 2,553 crore. Provisions fell to Rs 1,144 crore from Rs 1,659 crore a year ago, though they increased sequentially from Rs 869 crore.
Asset quality improved, with gross NPA declining to 1.51% from 1.61% in the previous quarter and net NPA falling to 0.44% from 0.48%. Net interest margin rose 25 basis points to 5.96%.
CASA deposits increased 24.6% to Rs 1.58 lakh crore, while customer deposits rose 16.6% to Rs 2.99 lakh crore. Loans and advances grew 20.6% to Rs 3.05 lakh crore.
About IDFC First Bank
IDFC First Bank is a private-sector bank offering retail, MSME, corporate and other banking and financial services. It was formed through the merger of IDFC Bank and Capital First in 2018.
The bank operates across retail and institutional banking segments, with a focus on expanding its customer and deposit base.
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