Private sector lender IDFC First Bank on Friday said it has mobilised ₹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 ₹10 at an issue price of ₹60 per unit to Currant Sea Investments B.V., aggregating to ₹ 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% stake in the private lender.
For the first quarter ended June 2025, IDFC First Bank had reported a 32% drop in net profit to ₹463 crore as compared to ₹681 crore in the same quarter of the previous fiscal.
The total income rose to ₹11,869 crore during the June quarter of 2025-26 from ₹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% of gross advances at the end of the June quarter against 1.90% a year ago.
Provisions for the quarter rose significantly to ₹1,659 crore compared to ₹994 crore in the same period of the previous fiscal due to slippages in the micro-finance book.
