Key Points
MUMBAI, July 20 (Reuters) - India's IDFC First Bank (IDFB.NS) is looking to raise 20 billion rupees ($243.84 million) in equity capital in the second half of the current financial year, a source familiar with the matter said...
The fund raise follows a reverse merger between parent IDFC Ltd and IDFC First Bank announced earlier this month...
IDFC First Bank has board approval to raise 40 billion rupees..
Over the past three years, IDFC Bank has brought down its bad loans and accelerated deposit accretion to strengthen its fundamentals, allowing it to raise institutional capital with ease, said the source...
Following the reverse merger, shareholders of IDFC will be direct shareholders in IDFC Bank, including the Government of India, which will hold close to 11% in the bank...
