IDFC FIRST Bank Board Clears Revised Deal With Warburg Pincus Arm For 9.% Stake

IDFC FIRST Bank on Thursday said its board approved the execution of an amended investment agreement with Currant Sea Investments B.V., a Warburg Pincus affiliate, for a proposed 9.48% stake via preferential allotment. The revised agreement outlines Currant Sea’s right to nominate one non-executive director to the bank’s board.

The board also set Friday as the record date for the declared dividend, the bank said in an exchange filing.

In April, the bank had cleared plans to raise ₹75 billion from Currant Sea and Platinum Invictus B 2025 RSC Ltd., a wholly-owned unit of Abu Dhabi Investment Authority. Currant Sea will invest ₹48.76 billion for the 9.48% stake, while Platinum Invictus will put in ₹26.24 billion for a 5.10% holding.