Shares of IDFC First Bank Ltd. gave up all the morning gains to trade with losses on Thursday. The stock is now trading lower ahead of its July 29 meeting to consider a proposal to raise funds through the issue of equity shares.

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In a filing to the stock exchanges on Wednesday, IDFC First Bank said that its board will consider a proposal to raise funds in the next one year from the date of the ensuing Annual General Meeting (AGM) of the bank.

The funds will be mobilised through the issuance of equity shares or other equity-linked securities using several permissible modes.

The bank said that the proposal will be subject to the approval of the shareholders at the upcoming AGM along with necessary regulatory and other clearances.

In addition, the board will consider and approve the unaudited standalone and consolidated financial results of the Bank for the quarter that ended on June 30, 2023.

Separately, IDFC First Bank's Nomination and Remuneration Committee on Wednesday approved the allotment of 5.5 lakh equity shares to eligible employees under the 'IDFC FIRST Bank Employee Stock Option Scheme (ESOS)'.

Earlier this month, IDFC First Bank and IDFC announced that both their respective boards approved a reverse merger between the two firms. The merger is aimed at simplifying the corporate structure and streamline regulatory compliance.

Shares of IDFC First Bank are now trading 1.7 percent lower at Rs 83.20.