Shares of IDFC First Bank fell 3 percent in the opening trade on March 28 after a block deal valued at Rs 1,386 crore took place on the exchanges.
Approximately 18.3 crore shares, representing a 2.6 percent stake in IDFC First Bank, changed hands in the transaction.
CNBC-TV18 reported on March 27 that Warburg Pincus affiliate Cloverdell Investment was planning to exit the lender.
Cloverdell Investment was looking to unload its entire 2.25 percent stake, or 15.9 crore shares, of the lender to fetch at least Rs 1,191.40 crore, the CNBC-TV18 report cited sources as saying. Morgan Stanley likely brokered the deal, it added.
As of 10:20 am, the shares were trading at 2.19% at ₹76.10
Warburg Pincus has previously reduced its stake in IDFC First Bank on multiple occasions. In December, the private equity firm, through its affiliate Cloverdell Investment, sold a 1.3 percent stake in the bank through an open market transaction, amounting to Rs 790 crore. Earlier, in September, the Warburg Pincus affiliate offloaded a 4.2 percent stake in IDFC First Bank for a total of Rs 2,480.34 crore.
