The Life Insurance Corporation of India (LIC), the country’s largest insurance company, has significantly increased its shareholding in IDFC First Bank Limited from 0.20% to 2.68% of the bank’s post-issue paid-up capital. This move, detailed in an exchange filing on July 4, is part of the bank’s broader fundraising efforts.
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- LIC increased its shareholding in IDFC First Bank from 0.20% to 2.68%.
- The number of shares held by LIC surged from 1.42 crore to 20.02 crore.
- The acquisition was achieved through a preferential allotment.
- The shares were purchased at Rs 80.63 per share.
- The transaction was detailed in an exchange filing dated June 30th.
- The shares were acquired via a private placement offer.
- SEBI has advised stock brokers to implement mechanisms to prevent market abuse and fraud.
- IDFC First Bank aims to raise Rs 3,200 crore through the issuance of 39.68 crore preference shares.
- The fundraising effort was announced in an exchange filing on May 30th.
- LIC’s increased stake is a part of IDFC First Bank’s capital-raising initiative.
