IDFC First Bank shares were up 5.85 per cent at Rs 61.50, outperforming the Sensex.
Shares of IDFC First Bank rose as much as 7.4 per cent to hit fresh 52-week high of Rs 62.40 on the BSE a day after the bank announced that its board of directors have approved raising funds by issuing equity shares or other equity linked securities. The bank plans to raise Rs 3,000 crore as its board noted strong outlook for economic recovery in India. The Board at its meeting held today 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, IDFC First Bank said in a statement.