Executive Director Madhivanan Balakrishnan Resigns From IDFC First Bank
IDFC First Bank has officially announced the resignation of its Executive Director and key managerial personnel, Madhivanan Balakrishnan, effective 6 December. The bank disclosed that the Nomination and Remuneration Committee and the Board of Directors accepted Balakrishnan's resignation and would relieve him of his duties with immediate effect, though he will continue to assist in necessary handovers until 15 December.
In his resignation letter, Balakrishnan cited an opportunity in the healthcare sector aligned with his family's long-term plans. He explained that his daughter, a recent medical graduate, aspires to venture into healthcare entrepreneurship.
Madhivanan Balakrishnan had joined IDFC First Bank in 2019. The bank expressed its intention to assess potential internal candidates for the position of Whole-time Director (Executive Director).
In another development, Warburg Pincus, a US private equity firm, is set to divest a 1.3 per cent stake in IDFC First Bank through its affiliate, Cloverdell Investment, in a block deal valued at USD 100 million at Rs. 85.7 per share. Cloverdell Investment currently holds a 2.74 per cent stake in the bank and post-sale, it will retain a 1.44 per cent holding.
This move follows Warburg Pincus's earlier sale of a 4.2 per cent stake in IDFC First Bank for Rs 2,480 crore in September. Concurrently, GQG Partners, supported by Rajiv Jain, acquired a 2.6 per cent stake in the bank for Rs 1,527 crore during the same period.
