IDFC FIRST Bank converts preference shares, boosts capital

IDFC FIRST Bank's board of directors has approved the allotment of 437,185,666 equity shares, with a face value of ₹10 each, to Platinum Invictus B 2025 RSC Limited. This allotment results from the conversion of an equivalent number of compulsorily convertible cumulative preference shares (CCPS), initially issued via a preferential allotment. The conversion, undertaken at the earliest opportunity under the investment agreement dated April 17, 2025, occurred after the "conversion event" criterion was met, where the volume-weighted average price of the bank's equity shares reached at least ₹60.

Following this conversion, IDFC FIRST Bank's paid-up equity share capital has increased to ₹85,89,14,23,490, divided into 8,589,142,349 equity shares of ₹10 each. Platinum Invictus B 2025 RSC Limited now holds a 5.09% stake in the post-conversion equity capital.

Additionally, the board approved a dividend payment on the CCPS at a rate of 8%, totaling ₹39,67,01,076. This dividend is calculated on a proportionate basis for the period from the allotment date of the CCPS up to their conversion date. The CCPS were originally allotted at a price of ₹60 per CCPS, aggregating to ₹2,623 crore.