Warburg Pincus affiliate Cloverdell Investment has sold 278.7 million shares or 4.20% equity stake in IDFC First Bank in a bulk deal on the Bombay Stock Exchange (BSE) on Friday, according to exchanges data.
At 89 rupees apiece, the deal value amounted to Rs 2,480.34 crore. Among the major buyers were Australia-based GQG Partners. Two of its schemes, GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners Intl Opportunities Fund bought 63.85 million shares and 107.76 million shares, respectively. In total, these two funds bought 171 million shares.
As of June end, Cloverdell Investment held 7.12% stake in IDFC First Bank.
This is the second consecutive day where IDFC First Bank’s shares were sold in a bulk deal. On August 31, BNP Paribas Arbitrage Fund had sold 112.23 million shares or 1.7% equity stake in the private bank via bulk deals on the National Stock Exchange, while investment firm Copthall Mauritius Investment had sold 33.54 million shares or 0.5% stake in the bank. The two entities had offloaded shares at 93.03 rupees apiece.
Shares of IDFC First Bank came under pressure after the bulk deals earlier today, touching an intra-day low of Rs 89 per share, but recovered towards the market closing hours and ended trading 0.1% higher at Rs 93.44 apiece.