IDFC FIRST Bank Confident Of Resolving Warburg Pincus Nomination Issue

IDFC FIRST Bank said on Tuesday it is confident of resolving the nomination of a non-executive director from Warburg Pincus affiliate Currant Sea Investments to its board. The bank is also seeking the remaining regulatory approvals on the matter, according to an exchange filing.

On Monday, shareholders rejected a proposal allowing Currant Sea Investments to nominate a board member. The postal ballot results showed 64.1% of votes in favour of a special resolution to amend the articles of association to permit Currant Sea Investments to appoint a non-retiring non-executive director. The resolution needed 75% approval to pass.

The bank also said shareholders approved a resolution to raise ₹75 billion with full majority.