Warburg Pincus Sells 1.3% Stake in IDFC FIRST Bank for Rs 790 Cr
Dec 07, 2023 20:07
Warburg Pincus has divested a 1.3% stake in IDFC FIRST Bank for Rs 790 crore through an open market transaction. The sale follows a previous stake reduction in September.
Photograph: Courtesy: IDFC First Bank Photos/Wikimedia Commons
New Delhi, Dec 7 (PTI) Warburg Pincus on Thursday divested a 1.3 per cent stake in private lender IDFC FIRST Bank through an open market transaction for Rs 790 crore.
Following the stake sale, shares of IDFC FIRST Bank declined 3.02 per cent to close at Rs 87.69 apiece on the BSE.
Dayside Investment, an affiliate of US-based private equity firm Warburg Pincus, offloaded more than 9.17 crore shares of IDFC FIRST Bank on the BSE.
According to the bulk deal data available with the BSE, Dayside Investment offloaded 9,17,75,672 shares, amounting to a 1.3 per cent stake in the private lender.
The shares were disposed of at an average price of Rs 86.10 apiece, taking the transaction value to Rs 790.18 crore.
After the transaction, Dayside Investment has exited the firm after selling its entire 1.3 per cent stake in the private sector lender. However, Warburg Pincus, through Cloverdell Investment, still held a 2.74 per cent stake in IDFC FIRST Bank.
Details of the buyers could not be ascertained.
In September, Warburg Pincus pared a 4.2 per cent stake in IDFC First Bank for Rs 2,480 crore through an open market transaction.
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