IDFC First Bank's promoter plans to raise Rs 3000cr, Warburg may not participate in fundraising

The board of IDFC First Bank has approved a plan to raise Rs 3,000 crore by way of a private placement, qualified institutional placement (QIP), follow-on public offering, or a combination of these to help spur growth at the bank, but the promoter, IDFC Financial Holding Company Ltd, may not take part in the fundraising.

Sources in the know said the bank was gearing up to roll out a QIP by the end of the current fiscal year (March 2021). "QIP seems to be the preferred mode, and bankers to the issue are likely to be appointed next week.