Private equity firm Warburg Pincus sold its entire 2.25% stake in IDFC First Bank through an open market transaction on Thursday. The shares were sold through Warburg Pincus's affiliate, Cloverdell Investment Ltd, on the BSE.
Cloverdell Investment sold over 15.88 crore shares of IDFC First Bank at an average price of Rs 75.24 per share, resulting in a deal size of Rs 1,195.21 crore. As of December 2023, Warburg Pincus held a 2.25% stake in IDFC First Bank through its affiliate.
On Thursday, IDFC First Bank's shares declined by 3.11% to close at Rs 75.39 per share on the BSE. The identity of the share buyers remains unknown.
In January, IDFC First Bank reported an 18% increase in net profit to Rs 716 crore for the third quarter ended December 31, 2023, driven by improved interest income. The bank's total income rose to Rs 9,396 crore in the quarter, compared to Rs 7,064 crore in the same period the previous year.
In September 2022, Warburg Pincus had previously divested a 4.2% stake in IDFC First Bank for Rs 2,480 crore.