Cloverdell Investment may offload stake in IDFC First Bank at Rs 75/share via block deal route
IDFC First Bank block deal news: Cloverdell Investment will sell its stake in Mumbai-based IDFC First Bank on Thursday at a floor price of Rs 75 per share, Zee Business reported.
IDFC First Bank block deal buzz: Cloverdell Investment is likely to sell 15.9 shares in IDFC First Bank through the block deal route on Thursday, Zee Business reported. Cloverdell Investment is an affiliate of US-based private equity firm Warburg Pincus.
Cloverdell Investment will sell its stake in Mumbai-based IDFC First Bank at a floor price of Rs 75 per share for $143 million (Rs 1,191.4 crore), the channel reported.
The reported floor price indicates a discount of 3.6 per cent to the market price.
IDFC First Bank shares ended 0.1 per cent higher at Rs 77.81 apiece on BSE on Wednesday.
At the end of the December quarter, Cloverdell Investment held 15.9 crore shares in IDFC First Bank, representing 2.25 per cent of the lender’s equity.
In a separate development, the board of IDFC First Bank recommended to the banking regulator the reappointment of Sanjeeb Chaudhuri as part-time non-executive chairperson (independent) for a second term.
In a regulatory filing post-market hours on Wednesday, the lender said its board had recommended the reappointment with effect from August 25, 2024, till May 9, 2027.
The reappointment would be subject to the approvals of the RBI and the shareholders, the bank said.
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