Fund News
IDFC Bank investors reject resolution of Warburg affiliate Currant Sea Investments
BSE Announcement Economic Times
The shareholders of publicly listed IDFC First Bank have rejected a special resolution to appoint a nominee director of Currant Sea Investments, an affiliate of private equity firm Warburg Pincus which is set to infuse capital into the bank. The resolution was to appoint a non-retiring, non-executive director which received 64% votes against the 75% approval rate.The resolution was in accordance with the INR 7,500 crore capital infusion into the bank through a preferential equity issue by Warburg Pincus LLC of which INR 4,876 crore worth of shares would go to Currant Sea Investments BV, and INR 2,624 crore worth of shares would be issued to Platinum Invictus B 2025 RSC Ltd, a wholly-owned subsidiary of ADIA.Post investment Warburg Pincus will own a 9.48% stake in IDFC First Bank while ADIA will hold a 5.10% stake.
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