AZB & Partners advise the Book Running Lead Managers on Rs. 3000 crore QIP of IDFC First Bank
IDFC First Bank raised Rs. 3,000 crore through Qualified Institutional Placement (QIP) in which global marquee investors like BNP Paribas and Baillie Gifford participated alongside domestic players such as Bajaj Allianz Life, TATA Life Insurance and HDFC Life Insurance.
AZB & Partners acted as the Legal counsel to the Book Running Lead Managers (ICICI Securities Limited; Citigroup Global Markets India Private Limited; Credit Suisse Securities (India) Private Limited; JM Financial Limited; and UBS Securities India Private Limited) as to Indian law.
According to the NSE listing by IDFC Bank, "We wish to inform that the Capital Raising Committee of the Board of Directors of the Bank ("Capital Raising Committee") at its meeting held today, i.e., April 06, 2021, approved the issue and allotment of 52,31,03,660 Equity Shares of face value of Rs. 10 each to qualified institutional buyers at an issue price of Rs. 57.35 per Equity Share (including a premium of Rs. 47.35 per Equity Share), aggregating to Rs. 3,000 crore (Rupees Three Thousand Crore) (approx.), pursuant to the Issue."
The Issue opened on March 30, 2021 and closed on April 06, 2021.
The team from AZB & Partners comprised of Partners – Varoon Chandra and Lionel D'Almeida and Senior Associate – Avanti Kale.