IDFC Bank agrees to acquire Warburg-backed lender Capital First

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

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

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

(Reporting by Suvashree Dey Choudhury and Devidutta Tripathy; Editing by Shri Navaratnam)