IDFC First Bank Falls After Fixing Floor Price For Qualified Institutional Placement Issue

IDFC First Bank fell over four per cent on Wednesday, March 31, a day after fixing the floor price Rs 60.34 for the Rs 3,000 crore qualified institutional placement (QIP) issue. On Wednesday, IDFC First bank opened on the BSE at Rs 59.45, touching an intra day high of Rs 59.60 and an intra day low of Rs 55.35. According to a regulatory filing by the bak to the BSE, the Capital Raising Committee of the Board decided that the bank may offer a discount of not more than five per cent on the floor price for the issue, at its discretion.

The statement added that a meeting of the Capital Raising Committee of IDFC First bank will be held on April 6, to determine or consider the issue price of shares to the institutional investor, including a discount, if any given. Meanwhile, on the NSE, IDFC First bank opened at Rs 59.50, touching an intra day high of Rs 59.60 and an intra day low of Rs 55.30.

IDFC First Bank was last trading 4.38 per cent lower at Rs 55.70 on the NSE. Meanwhile, IDFC First Bank was last trading at 4.46 per cent lower at Rs 55.70 on the BSE.