IDFC First Bank stock slips 3% as 2% equity change hands via block deal

Madhivanan Balakrishnan has resigned as Executive Director and Key Managerial Personnel of IDFC First Bank, with effect from December 6.

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Shares of IDFC First Bank were trading 3.26 percent lower during early trades on December 7 after around 13.5 crore shares or 2 percent equity worth Rs 1,162.7 crore changed hands via block deal at an average price of Rs 86 apiece. The S&P BSE Sensex was down 233 points or 0.3 percent to 69,420 levels, as of 9:55 am.

No names were ascertained immediately after the deal. However, according to reports, Warburg Pincus, through its affliate Cloverdell Investment was planning to sell its stake in IDFC First Bank.

Currently, Cloverdell Investment holds a 2.74 percent stake in IDFC First Bank. After the 2 percent stake sale, it will be left with a 0.74 percent holding in the bank.

Earlier in September, the private equity firm sold a 4.2 percent stake in IDFC First Bank for Rs 2,480 crore through block deals.  At the same time, Rajiv Jain-backed GQG Partners acquired a 2.6 percent stake in the bank for Rs 1,527 crore.

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The fall also comes the back of Madhivanan Balakrishnan resigning from the post of Executive Director. The board has accepted the resignation and relieved with immediate effect. However, Balakrishnan will continue to serve the bank for necessary handovers until December 15, 2023,” the lender said in a regulatory filing.

Due to Balakrishnan’s resignation, and certain organisational restructuring, there will be certain changes in the Senior Management Personnel (SMP), with nine existing personnel of the bank ceasing to be SMP, the bank added.

The stock of IDFC First Bank has rallied 8 percent in the last one month. Year-to-date, the counter has surged around 48 percent, outperforming benchmark Nifty 50 which has risen around 15 percent during this period.

Also Read | Warburg Pincus likely to sell 1.3% stake worth $100 million in IDFC First Bank via block deal

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