GQG Acquires More Than 5 Crore Shares From IDFC First Bank's V Vaidyanathan
GQG Partners, an American investment firm, completed the acquisition of more than 5 crore shares from V Vaidyanathan, Managing Director and Chief Executive Officer (CEO) of IDFC First Bank, on Monday. This exchange took place at a price of Rs 94.5 per share, based on available data, involving approximately 0.8 per cent of the total equity of the company.
Importantly, the proceeds from the sale of shares have been entirely reinvested in the bank, addressing any concerns of personal consumption, as confirmed by V Vaidyanathan in an exclusive conversation with a media house.
This transaction follows recent news of IDFC First Bank's obligation to pay Rs 229 crore to IDFC Bank for subscribing to stock options. Following Monday's sale, Vaidyanathan still retains slightly over a 1.04 percent stake in the bank.
Notably, GQG Partners had acquired a 2.6 per cent stake in IDFC First Bank for Rs 1,527 crore last week, demonstrating their growing interest in the bank. Additionally, Cloverdell Investment, the largest public shareholder in IDFC First Bank, divested a 4.2 per cent stake at an average price of Rs 89 the previous week. As of the June quarter, Cloverdell had held a 7.12 per cent stake in the bank.
This announcement aligns with a media house newsbreak that had previously reported on the market buzz regarding a high net worth individual (HNI) acquiring a substantial stake in the lender.
As a result of these transactions, IDFC First Bank's shares are currently trading 1.4 per cent higher at Rs 96.70.
