AU Small Finance Bank advanced 3.34% to Rs 1226.85 after the company successfully raised Rs 625.50 crore through qualified institutional placement (QIP) route.
The capital raising committee of board of directors of the bank, at their meeting held on Monday (15 March 2021) approved allotment of 50 lakh shares to eligible qualified institutional buyers at the issue price of Rs 1251 per equity share. The QIP issue opened on 9 March 2021 and closed on 15 March 2021.
The issue witnessed strong reception from both domestic and international institutional investors and the entire QIP was subscribed by sovereign wealth funds, large foreign portfolio investors, life insurance company and domestic mutual funds.
IDFC FIRST Bank said its board approved raising of funds for an amount aggregating up to Rs 3,000 crore, in one or more tranches.
The private sector bank said fund raising will be 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.
The stock hit a 52-week high of Rs 58.9 on 18 February 2021. The stock hit a 52-week low of Rs 17.75 on 24 March 2020.
The announcement was made after market hours yesterday, 18 February 2021. Shares of IDFC FIRST Bank gained 3.01% to settle at Rs 58.10 yesterday.