Warburg Pincus on Friday divested a 4.2% stake in private lender IDFC First Bank for Rs 2,480 crore through an open market transaction.
U.S.-based private equity firm Warburg Pincus offloaded the shares of IDFC First Bank through its affiliate Cloverdell Investment on the BSE.
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According to the bulk deal data, Cloverdell Investment sold more than 27.86 crore shares, amounting to a 4.2% stake in IDFC First Bank.
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The shares were disposed at Rs 89 apiece, taking the aggregate transaction value to Rs 2,480.34 crore.
At the end of the June quarter, Warburg Pincus through its affiliates -- Cloverdell Investment and Dayside Investment -- have a shareholding of 8.5% in the private lender IDFC First Bank, shareholding data pattern with the bourse showed.
Meanwhile, Rajiv Jain-backed GQG Partners acquired 17.6 crore shares or nearly 2.6% stake in IDFC First Bank. The shares were purchased at the same price, taking the deal value to Rs 1,527 crore.
Shares of IDFC FIRST Bank gained 0.11% to close at Rs 93.44 apiece on the BSE.
In July this year, IDFC FIRST Bank reported a 61% rise in net profit to Rs 765 crore in the April-June quarter over the year-ago period mainly driven by strong growth in core operating income.
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