RBI Allows Warburg Pincus Unit To Acquire 9.99% Of IDFC First Bank
The Reserve Bank of India has given its approval to Currant Sea Investments B.V., a unit of Warburg Pincus, to acquire up to 9.99% stake in IDFC First Bank, the lender informed exchanges on Saturday.
"...we wish to inform that Currant Sea Investments B.V. has received the approval of the RBI with respect to its proposed investment of up to 9.99% of the paid-up share capital of the Bank," according to the exchange filing.
On June 3rd, the Competition Commission of India had issued its nod to Warburg Pincus for the same.
Current Sea Investments is an arm of the US-based private equity major, which had sought CCI's nod for the proposed acquisition in April.
This approval comes days after IDFC First Bank shareholders rejected the proposal to induct a non-retiring board member from Currant Sea Investments.
Only 64.1% of shareholders had voted in favour of the appointment, falling short of the 75% threshold required for approval.
Both affiliates of Warburg Pincus and the Abu Dhabi Investment Authority had agreed to jointly invest Rs 7,500 crore in the bank by way of compulsorily convertible preference shares.
The bank had said that it would allot 81.26 crore and 43.71 crore compulsorily convertible preferential shares at Rs 60 apiece each to both investors, Currant Sea and Platinum Invictus, respectively.
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