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IDFC FIRST Bank raises Rs. 1,500 crore through Private Placement of Tier-2 bonds from marquee domestic investors

Mumbai, February 8, 2022: IDFC FIRST Bank has raised Rs. 1,500 crore through private placement of Unsecured, Subordinated, Rated, Listed, Non-Convertible, Fully Paid-Up, Taxable, Redeemable Basel III Compliant Tier 2 Bonds (in the nature of Debentures) for a face value of Rs. 1 Crore each. The Bonds shall be redeemed in accordance with the terms of issue on its original maturity of 10 years, however, a Call Option may be exercised at the sole discretion of the Bank after completion of 5 years from the date of allotment and yearly thereafter, and subject to fulfilment of extant regulatory provisions.

The subscription participation came from marquee domestic investors including Life Insurance Corporation of India which subscribed to more than 60% of the issue size. 

On this occasion, Sudhanshu Jain, CFO and Head – Corporate Center, said, “We are delighted as this is the maiden Tier-2 issuance of bonds by the Bank since its inception. The initial issue size was of Rs. 1,000 Crore with a Green Shoe Option to retain oversubscription up to Rs. 500 Crore. I’m happy to say that the issue was oversubscribed to the maximum level by the marquee domestic investors including the Life Insurance Corporation of India (LIC) and this showcases the strong interest for our paper in the market. With this Tier2 capital raise, the capital adequacy would be enhanced to 16.5% (calculated on the financials as of 31st December 2021). We see strong credit demand in our business lines and such capital will help to boost our overall growth prospects.” 

About IDFC FIRST Bank  

IDFC First Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First. IDFC FIRST Bank, has a balance sheet of Rs. 1,74,232 crore at December 31, 2021, and has provided over 30 million loans in its combined history and serves customers in over 60,000 villages, cities and towns across the length and breadth of the country. The bank believes in making customer-first products, and was the first universal bank to offer monthly interest credit on savings accounts, life time free credit cards with dynamic and low APR rates, and many other such interesting products. 

The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and to be a force for social good. Our mission is to touch the lives of millions of Indians in a positive way by providing them high-quality banking services.

In a short time, the Bank has expanded to 599 branches, 201 asset service centres, 727 ATMs and 620 rural business correspondent centres across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services, and is incrementally growing digitally. IDFC FIRST Bank is committed to bring high-quality banking at affordable rates to India. The Bank also offers high quality technology-enabled corporate banking solutions, contemporary cash management solutions, fleet card and fastag solutions and wealth management solutions. 


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