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.
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.
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.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
