IDFC First Bank shares fall 3.5% as Warburg likely exits block deal: Details here
IDFC First Bank share price: Shares of IDFC First Bank fell 3.5 per cent on March 28 after it was reported that a block deal valued at ₹1,386 crore took place on the exchange in which around 18.3 crore shares, representing a 2.6 percent stake, in IDFC First Bank changed hands.
At 09.19 am, shares of IDFC First Bank were trading at ₹75.60 on the NSE. IDFC First Bank shares on March 27 closed 0.31 percent higher at ₹77.81 apiece on BSE.
CNBC-TV18 reported that Warburg Pincus affiliate Cloverdell Investment was planning to exit IDFC First Bank and was unloading ts entire 2.25 percent stake, or 15.9 crore shares with the aim to secure at least ₹1,191.40 crore.
But this is not the first time Warburg Pincus has diluted its stake in IDFC First Bank as in December it divested a 1.3 per cent stake in IDFC First Bank through an open market transaction worth ₹790 crore.
In September last year, Warburg Pincus affiliate offloaded a 4.2 per cent stake in IDFC First Bank for a total of ₹2,480.34 crore. Earlier it was reported that Cloverdell Investment held a 7.12 percent stake in the private lender at the end of the first quarter of FY24. IDFC First Bank reported 18 per cent growth in net profit to ₹716 crore in the third quarter ended December 31, 2023.
Atul Tiwari is a seasoned journalist at Mumbai Times, specializing in city news, culture, and human-interest stories. With a knack for uncovering compelling narratives, Atul brings Mumbai’s vibrant spirit to life through his writing.
