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IDFC Bank to buy Warburg-backed Capital First in $1.5 bln stock deal

Reuters  |  MUMBAI 

By Devidutta Tripathy and Suvashree ChoudhuryMUMBAI (Reuters) - IDFC Bank Ltd, one of India's two newest banks, will acquire non-bank financial firm Capital First Ltd in a share swap deal valued at about $1.5 billion as it looks to boost its retail lending activities.According to terms of the deal announced on Saturday, shareholders in Capital First will receive 139 shares of the bank for every 10 shares held. The deal is conditional on central bank and other regulatory approvals.The deal values Capital First - owned more than a third by private equity firm Warburg Pincus - at 938.25 rupees a ...

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First Published: Sat, January 13 2018. 14:43 IST
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