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IDFC Bank agrees to acquire Warburg-backed lender Capital First

Reuters  |  MUMBAI 

(Reuters) - Ltd, one of India's two newest banks, said on Saturday its board has approved takeover of non-financial firm Ltd in share swap deal.

Shareholders in will receive 139 shares of the for every 10 shares held, the lender said in stock exchange filing. The deal is conditional on central and other regulatory approvals.

First, owned more than third by firm Warburg Pincus, also counts state investor GIC among its major investors.

(Reporting by and Devidutta Tripathy; Editing by Shri Navaratnam)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, January 13 2018. 13:45 IST