LIC, HDFC Life Among Top Investors In IDFC First Bank's Rs 3,200-Crore Issue
Shares in the IDFC First Bank preferential allotment were priced at Rs 80.63 per unit, indicating a discount of 0.7% to previous close.
IDFC First Bank on Thursday released the list of allottees for its preferential allotment in an exchange filing on BSE.
The list included major life insurance companies in India. Among the top three allottees, the most number of shares were garnered by LIC of India, which was followed by HDFC Life Insurance Co. and Aditya Birla Sun Life Insurance Ltd.
IDFC First Bank approved allotment of close to 39.7 crore shares, worth Rs 3,200 crore, on Thursday. The shares were allotted at Rs 80.63 per unit, indicating a discount of 0.7% to the stock's previous close.
The total list of allotees included:
1. Life Insurance Corp: 18,60,34,900 shares.
2. HDFC Life Insurance: 8,06,15,200 shares.
3. Aditya Birla Sun Life Insurance: 6,20,11,600 shares.
4. Bajaj Allianz Life Insurance: 3,10,05,900 shares.
5. ICICI Lombard General Insurance 3,10,05,800 shares.
6. SBI General Insurance Co: 62,01,200 shares.
This added up to a total of 39,68,74,600 shares issued in the preferential allotment. There was also an increase in the value of share capital by Rs 3,96,87,46,000.
Note: This story has been updated to show that IDFC First raised Rs 3,200 crore via a preferential allotment of shares and not a qualified institutional placement.
