Qualified Institutions Placement of IDFC FIRST Bank Limited

J. Sagar Associates (JSA) advised IDFC FIRST Bank Limited (“IDFC FIRST Bank”) in relation to their qualified institutions placement. IDFC FIRST Bank had filed a placement document on April 6, 2021, for issue of 52,31,03,660 equity shares to qualified institutional buyers aggregating to approximately ₹ 3,000 crore (the “Issue”). ICICI Securities Limited, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, JM Financial Limited and UBS Securities India Private Limited acted as the lead managers to the Issue (the “BRLMs”).

This QIP was another all-virtual transaction amidst the ongoing COVID-19 pandemic. IDFC FIRST Bank offers a wide spread of banking products to meet the needs of our retail customers in the MSME and consumer sectors in both urban and rural geographies, as well as our wholesale customers, such as large corporates and NBFCs. IDFC FIRST Bank’s principal business activities consist of retail banking, wholesale banking and treasury operations. IDFC FIRST Bank delivers a wide range of banking products and services to its customers through a variety of channels, including bank branches, ATMs, call centres, internet and mobile phones.

As at December 31, 2020, IDFC FIRST Bank had more than 8 million customers and a network of 576 branches, 134 asset servicing branches, 655 business correspondent branches, consisting of 384 business correspondent branches through their wholly-owned Subsidiary, IDFC FIRST Bharat Limited, and 271 other business correspondent branches, and 541 ATMs.

JSA team comprised Lead Partners – Vikram Raghani and Arka Mookerjee, Partner – Siddhartha Desai, Associates – Aniran Ghoshal and Ananth Balaji.