Bengaluru, April 17 -- Shares of a banking stock trading below Rs.70 surged after the company received approval to raise Rs.7500 crore through a fundraise from two prominent investors. This move is expected to strengthen the bank's financial position and support its growth plans, driving positive investor sentiment and boosting stock performance in the market.

Price Movement

During Thursday's trading session, shares of IDFC First Bank Ltd jumped to an intraday peak of Rs.63.99 each, reflecting a 1.05 percent increase from the prior closing price of Rs.63.32 per share. Over the past five years, the stock has delivered over 140 percent returns.

What Happened

The Board of Directors of IDFC FIRST Bank, in its recent meeting, approved a pr...