UBS Group Buys IDFC Shares for Rs 88 Crore

New Delhi, Oct 9 (PTI) Swiss financial services company UBS Group on Wednesday bought shares of IDFC Ltd for Rs 88 crore through an open market transaction.

According to the bulk deal data available with the NSE, UBS through its arm UBS Principal Capital Asia purchased 81,48,705 shares or 0.51 per cent stake in IDFC Ltd.

The shares were acquired at an average price of Rs 107.92 apiece, taking the transaction value to Rs 87.94 crore.

Details of the sellers of IDFC's shares could not be ascertained on the National Stock Exchange (NSE).

Shares of IDFC fell 1.09 per cent to close at Rs 108.78 apiece on the NSE.

Last month, IDFC First Bank announced the completion of the merger of IDFC Ltd with the bank.

Post the amalgamation, there will be a simplified corporate structure at the Bank with no holding company.

In July 2023, IDFC First Bank announced the merger of its parent IDFC Ltd with itself in an all-stock transaction, marking another major deal in the Indian banking space days after the amalgamation of the HDFC twins.

IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank.

In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank.