IDFC First Bank Limited - Outcome of Board Meeting

4 Nov 2022 , 12:00 AM

This has reference to our earlier letter dated November 01, 2022, wherein we had informed that a meeting of the Board of Directors (???the Board???) of IDFC FIRST Bank (???the Bank???) is scheduled on Friday, November 04, 2022, inter-alia, to consider Capital Plan of the Bank and to explore raising of capital through various permissible modes, in accordance with the provisions of the applicable laws, subject to shareholders??? approval, regulatory and any other approvals as may be required. In this connection and with the intent to further strengthening the balance sheet of the Bank and in order to sustain the growth plans of the Bank, the Board, at its meeting held today, has considered and approved the Capital Raise Plan of the Bank for the next one year, for an amount aggregating up to Rs. 4,000 Crore (Rupees Four Thousand Crore only), to be raised in one or more tranches at an appropriate time, by way of issuance of equity shares/ Tier 1 Capital (???Capital Raise???), in accordance with the provisions of the applicable laws, subject to approval of the Shareholders of the Bank and regulatory / statutory approvals, and any other approvals as may be required. In this regard, the Board has authorized the ???Capital Raise & Corporate Restructuring Committee??? of the Bank, to decide on various avenues, mode(s) and the timing of the said Capital Raise, as it may deem fit.