IDFC First Bank raises Rs 4,876 cr by allotting shares to Warburg Pincus firm

New Delhi, Aug 1 (PTI) Private sector lender IDFC First Bank on Friday said it has mobilised Rs 4,876 crore by allotting convertible cumulative preference shares (CCPS) to Currant Sea Investments B.V., an affiliate company of global growth investor Warburg Pincus.

The board of directors of the bank (Board Committee) has on Friday approved the preferential allotment of 81,26,94,722 CCPS of face value of Rs 10 at an issue price of Rs 60 per unit to Currant Sea Investments B.V., aggregating to Rs 4,876 crore, IDFC First Bank said in a regulatory filing.

The bank has received in-principle approvals from both BSE and National Stock Exchange of India on May 15, 2025, for the preferential issue, it said.

In April this year, IDFC First Bank had approved a preferential allotment, which amounts to a 10 per cent stake in the private lender.

For the first quarter ended June 2025, IDFC First Bank had reported a 32 per cent drop in net profit to Rs 463 crore as compared to Rs 681 crore in the same quarter of the previous fiscal.

The total income rose to Rs 11,869 crore during the June quarter of 2025-26 from Rs 10,408 crore in the same quarter of FY25.

The bank's asset quality showed deterioration as gross non-performing assets (NPAs) stood at 1.97 per cent of gross advances at the end of the June quarter against 1.90 per cent a year ago.

Provisions for the quarter rose significantly to Rs 1,659 crore compared to Rs 994 crore in the same period of the previous fiscal due to slippages in the micro-finance book. PTI DP DP SHW