NewsVoir Mumbai Maharashtra [India] May 31 IDFC FIRST Bank has laid a robust foundation with a strong and profitable business model The Bank is seeing strong traction in raising deposits with customer deposits growing by 42 in FY24 over FY23 The Bank also sees significant upcoming opportunities for loan growth with high asset quality The overall asset quality of the Bank continues to be good with GNPA of 188 and NNPA of 060 as of March 31 2024 In the retail rural and sme finance book the Gross and Net NPA continues to be quite low at 138 and 044 respectively as of March 31 2024 The Bank is also well positioned in terms of experience team technology systems risk management and controls to take advantage of the growth opportunities in a stable manner The business is also profitable with the profit after tax increasing to Rs 2957 crores in FY24 an increase of 21 over Rs 2437 crores in FY23 The capital adequacy as of March 31 2024 is strong at 1611 With the objective to take advantage of upcoming growth opportunities the Bank intends to raise funds of Rs 3200 crores by issuing equity shares of the Bank on preferential basis With this proposed capital raise of Rs 3200 crores the overall capital adequacy of the Bank will further increase to 1749 as computed on the risk weighted assets as on March 31 2024 which will put the bank in a strong position to participate in future growth With the aforesaid intention the Board of Directors Board of the Bank at its meeting held today ie May 30 2024 has inter-alia considered and approved to Issue offer and allot 396874600 Thirty nine crore sixty eight lakhs seventy four thousand and six hundred equity shares of face value of Rs 10- each fully paid-up on a preferential basis to the allottees as mentioned in Annexure 1 Proposed Allottees at a price of Rs 8063- per equity share amounting to Rs 3200 crore Rupees Three thousand and two hundred crore only round off Preferential Issue in accordance with the applicable provisions of the Companies Act 2013 and SEBI ICDR Regulations and also subject to approval of the shareholders of the Bank Further the Board of Directors of the Bank has approved a process of carrying out Postal Ballot to seek approval of the shareholders of the Bank for issuance and allotment of equity shares by way of preferential issue to the Proposed Allottees Also the Board has approved the draft Postal Ballot Notice to be issued to the shareholders for seeking their approval for Preferential Issue Post allotment the issued and paid-up equity share capital of the Bank will increase from 7077276843 equity shares of Rs 10- each fully paid-up to 7474151443 fully paid-up equity shares of Rs 10- each ADVERTORIAL DISCLAIMER The above press release has been provided by NewsVoir ANI will not be responsible in any way for the content of the same