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Private equity major Warburg Pincus has sought fair trade regulator CCI's approval to acquire 10 per cent stake in private sector lender IDFC First Bank. US-based Warburg Pincus through its arm Currant Sea Investments BV will acquire the stake in IDFC First Bank. "The acquirer (Currant Sea Investments B V) proposes to acquire up to 9.99 per cent of the paid up share capital (on a fully diluted basis) of the target (IDFC First Bank) by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares," a notice filed with the CCI said on April 28. The deal has been notifiable to the Competition Commission of India under Section 5(a)(i)(A) of the Competition Act, 2002, it added. IDFC First Bank is engaged in the business of providing banking services as well as other financial solutions. The notice also said that Platinum Invictus B 2025 RSC Ltd, an arm of Abu-Dhabi Investment Authority (ADIA) plans to subscribe to 43.72 crore preference shares in IDFC First
Commerce and Industry Minister Piyush Goyal on Tuesday held bilateral meetings with global private equity firm Warburg Pincus and global investment company Blackstone here to discuss investment opportunities in India in sectors like electronics and renewable energy. At the invitation of United States Secretary of Commerce Gina Raimondo, Goyal is in the US till October 3, 2024. He will co-chair with Raimondo the India-USA CEO Forum on October 2, and the 6th India-USA Commercial Dialogue on October 3 in Washington D.C. In a series of posts on social media platform X, Goyal said that he met Timothy F Geithner, Chairman of Warburg Pincus, and discussed the efforts made by India to facilitate business entry, ease of doing business, single-window clearances and industrial infrastructure. "We explored new ideas and collaboration opportunities in sectors such as renewable energy, data infrastructure and R&D," he said. He also met Stephen A Schwarzman, Chairman, CEO and Co-Founder of ...
The Competition Commission of India (CCI) on Tuesday approved the proposed Rs 4,630-crore deal, wherein private equity major Warburg Pincus will acquire Shriram Finance's arm Shriram Housing Finance. "The proposed combination envisages inter alia the acquisition of shareholding in Shriram Housing Finance Ltd by Mango Crest Investment Ltd," CCI said in a release. Mango Crest Investment Ltd undertakes investment holding activities. It is an affiliate of US-based Warburg Pincus. Shriram Housing Finance Ltd is a housing finance company registered with the National Housing Bank. In May this year, financial services firm Shriram Finance announced the sale of its housing finance arm to private equity major Warburg Pincus for Rs 4,630 crore to focus on the vehicle finance and small business lending. Under the deal, SHF will be acquired by Warburg Pincus through its affiliate Mango Crest Investment Ltd from all the sellers. The proposed transaction is valued at Rs 4,630 crore for equity a
Warburg Pincus on Friday divested a 4.2 per cent stake in private lender IDFC First Bank for Rs 2,480 crore through an open market transaction. US-based private equity firm Warburg Pincus offloaded the shares of IDFC First Bank through its affiliate Cloverdell Investment on the BSE. According to the bulk deal data, Cloverdell Investment sold more than 27.86 crore shares, amounting to a 4.2 per cent stake in IDFC First Bank. The shares were disposed at Rs 89 apiece, taking the aggregate transaction value to Rs 2,480.34 crore. At the end of the June quarter, Warburg Pincus through its affiliates -- Cloverdell Investment and Dayside Investment -- have a shareholding of 8.5 per cent in the private lender IDFC First Bank, shareholding data pattern with the bourse showed. Meanwhile, Rajiv Jain-backed GQG Partners acquired 17.6 crore shares or nearly 2.6 per cent stake in IDFC First Bank. The shares were purchased at the same price, taking the deal value to Rs 1,527 crore. Shares of IDF
Warburg Pincus on Friday sold shares of telecom major Bharti Airtel for Rs 1,649 crore through an open market transaction. Lion Meadow Investment Ltd, an affiliate of private equity firm Warburg Pincus disposed of shares of Bharti Airtel. According to the block deal data available with the BSE, Lion Meadow offloaded 1,90,00,000 shares, amounting to 0.32 per cent stake in Bharti Airtel. The shares were disposed of at an average price of Rs 868 apiece, taking the aggregate transaction size to Rs 1,649.20 crore. These shares were acquired by funds/ affiliates of US-based financial services company Capital Group in 11 tranches. On Friday, shares of Bharti Airtel gained 0.80 per cent to close at Rs 879 apiece on BSE.