Cloverdell Investment Sells IDFC First Bank Stake For Rs 1,195 Crore

Cloverdell Investment Ltd. has offloaded its 2.5% stake in IDFC First Bank Ltd. for Rs 1,195.2 crore in the open market on Thursday.

The company sold 15.8 crore shares on the open market for Rs 75.24 per share, according to BSE data. The company, affiliated with Warburg Pincus as of December 2023, held 2.25% stake in the bank.

Details of the buyers were not available.

In September 2023, the company had sold 3.94% stake in the lender, representing 27.8 crore equity shares for Rs 2,480.3 crore.

Shares of IDFC First Bank closed 3.11% lower at Rs 75.50 apiece, as compared with a 0.92% advance in the NSE Nifty 50.

In the third quarter of FY24, the bank's net profit rose 18% year-on-year to Rs 715.7 crore. Its net interest income also grew 30% year-on-year to Rs 4,286.6 crore.