Mumbai: Private sector lender IDFC First Bank has set the floor price of its qualified institutional placement (QIP), which opened 3 October, at 94.95 per share. On 29 July, the board had approved raising up to 3,000 crore by issue of equity shares and/or other equity-linked securities in one or more tranches through any permissible mode, including private placement and QIP. The floor price is at a slight premium of Tuesday's closing price of 94.15 apiece on the National Stock Exchange. “The bank may, at its discretion, offer a discount of not more than 5% on the floor price for the issue," IDFC First Bank said in a filing to the stock exchanges. IDFC First Bank's committee will meet on 6 October to determine the issue price of the equity shares, including a discount, to be issued to eligible investors and the number of shares to be allotted to qualified institutional buyers. In 2021, the bank raised had 3,000 crore through a QIP at a floor price of 57.35 per share. Last month, Mint had reported that Rajiv Jain-led US-based boutique investment manager GQG Partners Llc acquired an additional 5.1 crore, or 0.76% stake, in private lender IDFC First Bank Ltd from V. Vaidyanathan, MD & CEO of the bank, for 478.7 crore through block deal on the exchange. GQG Partners increased its stake in IDFC First Bank to 3.36% with the additional purchase of 5.1 crore shares. The investment firm has now invested over 41,478.7 crore in Indian companies in the past six months. GQG Partners increased its stake in IDFC First Bank to 3.36% with an additional purchase of 5.1 crore shares. The investment firm has now invested over 41,478.7 crore in Indian companies in the past six months. For the first quarter of fiscal 2024 (April-June), IDFC First Bank reported a consolidated net profit of 765 crore, up 61% year-on-year, while net interest income of the bank grew 36% on year to 3,745 crore during the period. IDFC First Bank "Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights!"