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IDFC First Bank Ltd News

IDFC First Bank raises Rs 3,200 cr by selling shares to LIC, 5 others

IDFC First Bank on Thursday said it has raised Rs 3,200 crore by selling equity shares to six insurance companies, including LIC and HDFC Life. In a regulatory filing, IDFC First Bank informed that an authorised committee of the board of directors approved the allotment of more than 39.68 crore shares for Rs 80.63 per scrip, "aggregating to Rs 3,200 crore". The names of the six companies to whom shares have been allotted are Life Insurance Corporation of India, HDFC Life Insurance Company, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, ICICI Lombard General Insurance Company and SBI General Insurance Company. On May 30 and June 28, the lender's board approved the issue and allotment of shares through preferential issues on a private placement basis. More than 18.6 crore shares have been allotted to LIC. As a result, LIC stake in IDFC First Bank has increased to 2.68 per cent.

IDFC First Bank raises Rs 3,200 cr by selling shares to LIC, 5 others
Updated On : 04 Jul 2024 | 11:05 PM IST

Why are FIIs buying bank stocks, and will this momentum sustain?

Analysts believe a likely pick up in credit growth and hopes of a rate cut by the Reserve Bank of India should keep the momentum alive in bank stocks.

Why are FIIs buying bank stocks, and will this momentum sustain?
Updated On : 20 Jun 2024 | 11:39 AM IST

5 private bank stocks for your portfolio; Check trading strategy here

ICICI Bank stock looks strong on charts. Among others Bandhan Bank, IDFC First Bank, IndusInd Bank and RBI Bank can rally up to 21%; check key levels

5 private bank stocks for your portfolio; Check trading strategy here
Updated On : 20 Jun 2024 | 12:10 PM IST

IDFC First Bank to issue Rs 3,200 cr of equity shares on preferential basis

The allottees of these shares are LIC, HDFC Life, Aditya Birla Sun Life, Bajaj Allianz, ICICI Lombard, and SBI General

IDFC First Bank to issue Rs 3,200 cr of equity shares on preferential basis
Updated On : 30 May 2024 | 6:27 PM IST

IDFC First Bank board approves Rs 3,200 cr fundraise via preferential issue

IDFC First Bank on Thursday said its board approved a plan to raise Rs 3,200 crore via preferential issue of shares to fund business growth. The board of the bank at its meeting on May 30, 2024 considered and approved to issue, offer and allot 39.68 crore shares of face value of Rs 10 each fully paid-up, on a preferential basis, to the allottees at a price of Rs 80.63 per equity share, amounting to Rs 3,200 crore, IDFC First Bank said in a regulatory filing. This is subject to approval of the shareholders of the bank, it said. Further, the board approved a process of carrying out postal ballot to seek approval of the shareholders for issuance and allotment of equity shares by way of preferential issue to the proposed allottees. Post allotment, the issued and paid-up equity share capital of the bank will increase from 7,07,72,76,843 equity shares of Rs 10 each fully paid-up to 7,47,41,51,443 fully paid-up equity shares of Rs 10 each. After the preferential issue, LIC stake would ..

IDFC First Bank board approves Rs 3,200 cr fundraise via preferential issue
Updated On : 30 May 2024 | 5:30 PM IST

Debt, equity holders approve merger of IDFC Ltd with IDFC First Bank

Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing. The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT. "We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders, representing more than three-fourths in value of the equity shareholders of the bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013," the lender said. In a separate filing, it said the proposal was passed by the overwhelming majority of 99.99 per cent of the NCD ...

Debt, equity holders approve merger of IDFC Ltd with IDFC First Bank
Updated On : 18 May 2024 | 5:00 PM IST

RBI okays appointment of Natarajan as IDFC FIRST Bank's whole time director

The Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank, the private sector lender said. "RBI...has accorded its approval to appoint Pradeep Natarajan as Whole Time Director, designated as Executive Director of the bank for a period of three years," IDFC FIRST Bank said in a regulatory filing on Thursday. The bank further said it will take the necessary steps to complete the formalities for the appointment of Natarajan as Executive Director. The said appointment shall be subject to the approval of the shareholders of the bank, it added. IDFC FIRST Bank had reported a net profit of Rs 724 crore for the fourth quarter ended March 2024. The bank's gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023. Net NPAs also came down to 0.60 per cent of the advances from 0.86 per cent at the end of 2024.

RBI okays appointment of Natarajan as IDFC FIRST Bank's whole time director
Updated On : 17 May 2024 | 5:39 PM IST

IDFC First Bank Q4 results: Net profit falls 10% to Rs 724 cr, NII up 24%

IDFC FIRST Bank on Saturday reported 10 per cent decline in net profit at Rs 724 crore for the fourth quarter ended March 2024 due to substantial jump in provisions. The lender had earned a net profit of Rs 803 crore in the year-ago period. Total income rose to Rs 9,861 crore from Rs 7,822 crore a year ago, IDFC FIRST Bank said in a regulatory filing. Interest income grew to Rs 8,219 crore during the period under review, from Rs 6,424 crore in the corresponding quarter a year ago. Net Interest Income (NII) grew 24 per cent from Rs 3,597 crore in Q4 FY23 to Rs 4,469 crore in Q4 FY24, it said. On the asset quality side, the bank's gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023. Net NPAs also came down to 0.60 per cent of the advances from 0.86 per cent at the end of 2024. However, provisions and contingencies increased by 50 per cent to Rs 722 crore in Q4FY24 as compared with Rs 482 cr

IDFC First Bank Q4 results: Net profit falls 10% to Rs 724 cr, NII up 24%
Updated On : 27 Apr 2024 | 6:19 PM IST

RBI imposes monetary penalty on IDFC First Bank, LIC Housing Finance

Reserve Bank of India has imposed monetary penalty of Rs 1 crore on private sector lender IDFC First Bank for non-compliance with certain directions issued by regulator on Loans and Advances

RBI imposes monetary penalty on IDFC First Bank, LIC Housing Finance
Updated On : 05 Apr 2024 | 10:43 PM IST

RBI imposes penalty of Rs 1 crore on IDFC First Bank for violation of norms

The Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain norms. The penalty on IDFC First Bank has been imposed for non-compliance with certain directions on Loans and Advances Statutory and Other Restrictions', the central bank said in a statement. In another statement, it said the penalty on LIC Housing Finance has been levied for non-compliance with certain provisions of the Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021' issued by RBI. In both cases, penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their respective customers. Meanwhile, the RBI has cancelled certificate of registration (CoR) of four NBFCs -- Kundles Motor Finance, Nithya Finance, Bhatia Hire Purchase, and Jiwanjyoti Deposits and Advances. The four ...

RBI imposes penalty of Rs 1 crore on IDFC First Bank for violation of norms
Updated On : 05 Apr 2024 | 8:23 PM IST

Warburg Pincus exits IDFC First Bank, sells entire stake for Rs 1,195 cr

Private equity major Warburg Pincus on Thursday sold its entire 2.25 per cent stake in private sector lender IDFC First Bank for Rs 1,195 crore through an open market transaction. Warburg Pincus offloaded the shares of IDFC First Bank through its affiliate Cloverdell Investment Ltd on the BSE. According to the bulk deal data available with the BSE, Cloverdell Investment sold more than 15.88 crore shares of IDFC First Bank. The shares were disposed of at an average price of Rs 75.24 apiece, taking the deal size to Rs 1,195.21 crore. As of December 2023, Warburg Pincus through its affiliate holds a 2.25 per cent stake in Mumbai-headquarted IDFC First Bank, shareholding data showed with the BSE. Details of the buyers of shares could not be ascertained. On Thursday, shares of IDFC First Bank plunged 3.11 per cent to close at Rs 75.39 apiece on the BSE. In January, IDFC First Bank reported an 18 per cent growth in net profit to Rs 716 crore in the third quarter ended December 31, 202

Warburg Pincus exits IDFC First Bank, sells entire stake for Rs 1,195 cr
Updated On : 28 Mar 2024 | 11:56 PM IST

IDFC First Bank slips 3% after over 2% equity change hands in block deals

As per reports, Cloverdell Investment, an affiliate of US-based Warburg Pincus, planned to sell 159 million shares in IDFC First Bank through the block deal route on Thursday.

IDFC First Bank slips 3% after over 2% equity change hands in block deals
Updated On : 28 Mar 2024 | 9:44 AM IST

Profitability issues to be fully sorted in next 5 yrs: IDFC First Bank CEO

He says that the recent Reserve Bank of India norms on increased risk weights on unsecured loans impacted the capital adequacy ratio by 100 bps

Profitability issues to be fully sorted in next 5 yrs: IDFC First Bank CEO
Updated On : 22 Jan 2024 | 8:03 PM IST

IDFC First Bank Q3 net profit rises 18% to Rs 716 cr, total income jumps

Private sector lender IDFC First Bank on Saturday reported an 18 per cent growth in net profit to Rs 716 crore in the third quarter ended December 31, 2023, on the back of improved interest income. The bank had earned a net profit of Rs 605 crore in the October-December quarter of 2022. The total income of the bank increased to Rs 9,396 crore in the quarter as compared to Rs 7,064 crore in the December quarter of the previous fiscal, IDFC First Bank said in a regulatory filing. The bank's interest income improved during the third quarter of the current fiscal to Rs 7,879 crore, as against Rs 5,912 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 2.04 per cent as on December 31, 2023, as against 2.95 per cent as on December 31, 2022. Similarly, the net NPA also declined to 0.68 per cent as compared to 1.03 per cent at the end of December 2022. However, provisions and contingencies rose to Rs 655 crore in the December quarter from Rs 450

IDFC First Bank Q3 net profit rises 18% to Rs 716 cr, total income jumps
Updated On : 20 Jan 2024 | 6:16 PM IST