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IDFC First Bank shares jump 10% to hit 52 week high as board approves fund raising

IDFC First Bank shares jump 10% to hit 52-week high as board approves fund raising

IDFC First Bank shares jump 10% to hit 52-week high as board approves fund raising
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By CNBCTV18.com Feb 19, 2021 12:43:49 PM IST (Published)

Shares of IDFC First Bank surged 10 percent to hit its 52-week high on Friday after the lender approved raising of funds up to Rs 3,000 crore.

Shares of IDFC First Bank surged 10 percent to hit its 52-week high on Friday after the lender approved raising of funds up to Rs 3,000 crore.

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"The Board at its meeting held on Thursday, February 18, noted the significant opportunities for growth of the Bank based on the strong capabilities the Bank has built and the strong outlook for economic recovery in India, and has approved raising of funds for an amount aggregating up to Rs 3,000 crore, in one or more tranches," it said in an exchange filing.
The stock rallied as much as 10 percent to its 52-week high of Rs 63.90 per share on the BSE. It has jumped 85 percent in the last 3 months as compared to a 17 percent rise in the benchmarks.
"Fundraising has been approved by way of issuance of securities, through one or more permissible mode(s), including but not limited to a private placement, qualified institutions placement, follow-on public offering or a combination thereof, subject to shareholders’ approval," the filing added.
For the December quarter, the lender reported a net profit of Rs 130 crore as against a loss of Rs 1,639 crore in the corresponding quarter last fiscal. However, the lender had reported a profit of Rs 101 crore in the preceding quarter.
Net interest income (NII) grew 14 percent YoY to Rs 1,744 crore in Q3 FY21 from Rs 1,534 crore in Q3 FY20. NII for the current quarter includes the impact of provision for interest reversal for proforma NPA cases, the lender informed. Net interest margin (NIM) improved to 4.65 percent in Q3 FY21 as compared to 3.86 percent in Q3 FY20 and 4.57 percent in Q2 FY21.
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