IDFC Group

Shareholders approve fund infusion by Warburg and ADIA but reject proposal allowing Currant Sea Investments to nominate a non-executive director to the bank's board

IDFC First Bank on Monday said its shareholders have rejected the proposal to allow global private equity firm Warburg Pincus' arm to nominate a non-executive director on the bank board. Last month, IDFC First Bank board had approved a preferential equity issue of about Rs 4,876 crore to Currant Sea Investments BV, an affiliate company of investor Warburg Pincus LLC. Following that, the bank sought shareholders' nod through postal ballot to amend the Articles of Association of the bank. It sought their approval to provide a right to Currant Sea Investments BV(or any of its assignees) to nominate one non-retiring non-executive director by way of a special resolution. As per the results of the postal ballot disclosed to the stock exchanges on Monday, only 64.10 per cent of the votes were in favour of the resolution, while 35.90 per cent were against it. "... The special resolution... has not been passed due to lack of requisite majority," IDFC First Bank said in a BSE filing. Under

Fundraise 4th-largest by an Indian private-sector lender

He says that the recent Reserve Bank of India norms on increased risk weights on unsecured loans impacted the capital adequacy ratio by 100 bps

Shareholders of IDFC Ltd will get 155 shares of IDFC First Bank for every 100 shares held in the former

Stocks to Watch today, on Tuesday: Reliance Jio, the telecom arm of Reliance Industries, has announced the launch of the internet-enabled 'JioBharat' phones, at a price of Rs 999

The Bank's profitability is expected to improve over the medium term as the bank establishes its retail franchise and the economies of scale help improve operational efficiency

Retail business comprised 66.4 per cent of overall funded assets as of September 30, says private lender

The merger would be subject to the shareholders, creditors, statutory and regulatory approvals of the respective entities

BS ReporterThe IDFC Group and Shriram Group, which has earlier announced an exclusive discussion period for a proposed merger has been extended to another 34 days, till November 8, 2017. The decision comes after a period of 90 days of exclusive talks for the merger, which has been speculated to see several regulatory hurdles.A regulatory filing by Shriram City Union Finance Ltd said "the discussions between the Shriram Group and IDFC Group regarding the potential combination and the due diligence exercise is continuing and the parties have agreed to extend the exclusivity period up to November 8, 2017". The Groups on July 8, 2017, has announced that they have entered into a 90 day Confidentiality, Exclusivity and Standstill Agreement (CES) to evaluate a potential combination of certain Shriram Group entities in credit and non-credit financial services sector with the IDFC Group, subject to regulatory approvals and various other processes including due diligence. The deal has been ...

As NSE chief, he said most important task is to address regulatory issues that institution is facing