IDFC First Bank Board Approves Rs 7,500-Cr Fund Raise From Warburg Pincus, ADIA

IDFC First Bank on Thursday said its board has approved raising of Rs 7,500 crore in aggregate by way of preferential share allotment to arms of Warburg Pincus LLC and ADIA.

The board of directors, at its meeting held today, approved a preferential issue of equity capital amounting to approximately Rs 4,876 crore to Currant Sea Investments B.V., an affiliate company of global growth investor Warburg Pincus LLC, and Rs 2,624 crore to Platinum Invictus B 2025 RSC Limited, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) managed by its Private Equities Department.

The proposed issues are subject to shareholder and regulatory approvals, IDFC First Bank said in a statement. "We believe only by building a strong, respected franchise loved by customers and supported by strong unit economics, we will deliver sustainable long-term returns to our stakeholders," said V Vaidyanathan, Managing Director & CEO, IDFC FIRST Bank. Shares of IDFC First Bank were trading at Rs 63.79 , up 0.79 per cent in the pre-noon trade on the BSE.

(PTI)