The Competition Commission of India (CCI) on Tuesday approved private equity major Warburg Pincus’ proposal to acquire a 9.99% stake in private sector lender IDFC First Bank. Shares will be purchased by Currant Sea Investments BV, an affiliate of Warburg Pincus.
The development came after shareholders of IDFC FIRST Bank had rejected the proposal to appoint a board member from Warburg Pincus.
Shares of the lender on Tuesday closed down 1.63% at Rs 67.55 on the BSE.
“The proposed combination entails the acquisition of up to 9.99% of the paid-up share capital (on a fully diluted basis) of IDFC First Bank by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares by Currant Sea Investments BV,” the CCI said in a release, adding that it approves the proposed acquisition.
In April, IDFC First Bank announced that it had approved a preferential issue of equity capital amounting to Rs 4,876 crore to Currant Sea Investments BV, and Rs 2,624 crore to Platinum Invictus B 2025 RSC, an arm of Abu-Dhabi Investment Authority, to fuel its next phase of growth.
Omnicom’s acquisition of Interpublic Group gets nod
The CCI has approved the proposed acquisition of The Interpublic Group of Companies, Inc. (IPG) by Omnicom Group, clearing a key regulatory hurdle for the global advertising industry’s most significant consolidation in recent years.
The approval, sought in March, follows a comprehensive review of the transaction’s impact on competition within India’s advertising, marketing, and communications sectors.
With the Indian nod now in place, the merger has secured regulatory approvals across several key markets, including China, Colombia, Brazil, Saudi Arabia and Egypt. First announced in December 2024, the deal, valued at $13 billion, remains on track to close in the second half of 2025.