IDFC First Bank share news update
IDFC First Bank witnessed a 2.5 percent decline in its shares during the opening trade on March 28, following a block deal worth Rs. 1,386 crore on the exchanges. Approximately 18.3 crore shares, equivalent to a 2.6 percent stake in IDFC Bank, were traded in the transaction.
According to sources cited in the CNBC-TV18 report, Cloverdell Investment aimed to sell its entire 2.25 percent stake, comprising 15.9 crore shares of the lender, to secure a minimum of Rs. 1,191.40 crore. The report also suggested that Morgan Stanley likely facilitated the deal.
In September of the preceding year, a Warburg Pincus affiliate sold off a 4.2 percent stake in IDFC First Bank for a sum totaling ₹2,480.34 crore. Previous reports indicated that Cloverdell Investment maintained a 7.12 percent stake in the private lender by the close of the first quarter of FY24. IDFC First Bank disclosed an 18 percent increase in net profit, reaching ₹716 crore for the third quarter concluding on December 31, 2023.
