As many as 18.3 crore shares, or 2.6% equity of IDFC FIRST Bank, worth ₹1,386 crore changed hands on Thursday, March 28.
The official buyers and sellers in the block deal are not yet known.
On Wednesday, March 27, sources told that US-based private equity firm Warburg Pincus’ affiliate, Cloverdell Investment, is likely to sell its entire stake in private sector IDFC FIRST Bank Ltd.
The investment firm was expected to offload its 2.25% equity in the bank through block deals, sources said.
The offer size for the stake sale was estimated to be around ₹1,191.4 crore, with a floor price set at ₹75 per share, sources said.
The lender reported an 18.4% increase in net profit in the third quarter at ₹715.7 crore from the previous year’s ₹604.6 crore.
Its Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 30.5% to ₹4,286.6 crore against ₹3,284.3 crore in the previous year.
The lender’s gross non-performing asset (GNPA) stood at 2.04% in the December quarter against 2.11% in the previous quarter. Net NPA came at 0.68% against the previous quarter’s 0.68%. The net interest margin was 6.42% in the December quarter as compared to 6.13% the same quarter previous fiscal and 6.32% in second quarter of FY24
IDFC First shares were down 1.93% at ₹109.1 apiece at 9.16 am. The stock has gained 40.96% in the past year.
