IDFC FIRST Bank’s Bold Leap: ₹7,500 Crore Boost and Star-Studded Investment Pact

IDFC FIRST Bank’s Board has approved a major capital infusion of approximately ₹7,500 crore through preferential allotment of compulsorily convertible cumulative preference shares (CCPS). The bank will issue over 124.98 crore CCPS at ₹60 per share, with global investors Currant Sea Investments B.V. and Platinum Invictus B 2025 RSC Limited subscribing for ₹4,876 crore and ₹2,623 crore respectively. These CCPS carry an 8% cumulative dividend and will convert into equity shares on a one-to-one basis within 18 months, or earlier if share price conditions are met.

 

The investment agreement with Currant Sea Investments also grants the investor the right to nominate a non-retiring, non-executive director to the Board, enhancing strategic alignment. The capital raise is subject to shareholder and regulatory approvals, and will support the bank’s future growth plans and balance sheet strength.

 

Source: Business Upturn, Business Standard