IDFC First Bank's shares rose by as much as 7.4 percent to reach a new 52-week high of 62.40 on the BSE one day after the bank declared that its board of directors had approved the raising of funds by issuing equity shares or other equity-related securities. As its board noted good prospects for economic recovery in India, the bank aims to raise ~3,000 crores. To decide the terms and conditions of the proposed fundraising plan, the bank's board has set up the Capital Raising Committee.
Since the Covid-19 lockdown was declared in March last year, IDFC First Bank shares have risen more than three times from a low of ~ 18. IDFC First Bank saw higher than usual trading volumes in Friday's session as 41 lakh shares switched hands on the BSE compared to an average of 30.68 lakh shares traded daily over the past two weeks.
IDFC First Bank shares were up 5.85 percent at 61.50 at 11:18 am, surpassing the Sensex, which was down 0.3 percent. Premium jumped by more than 100% to 2.55 on its call option strike price contract of 60.