IDFC First Bank Limited announced a private placement of 396,874,600 shares equity shares of face value of INR 10 each fully paid-up, on a preferential basis, at a price of INR 80.63 per equity share, for gross proceeds INR 31,999,998,998 on May 30, 2024. The transaction includes participation from existing and new investors, Life Insurance Corporation of India, HDFC Life Insurance Company Limited, Aditya Birla Sun Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, ICICI Lombard General Insurance Company Limited and SBI General Insurance Company Limited. The transaction was approved by board of directors and subject to approval from shareholders.

47% of the proposed issue is going to be subscribed by Life Insurance Company (LIC) of India,