Warburg Pincus affiliate Cloverdell Investment on Friday sold a 4.2 per cent stake in IDFC First Bank. According to a bulk deal data on the BSE, Cloverdell sold about 27.87 lakh shares at an average price of ₹89.
As of the June quarter, Cloverdell held about 7.12 per cent stake or 47.17 crore shares in IDFC First Bank — categorised as Foreign Direct Investment.
GQG Partners was the major buyer. It bought 10.77 crore shares through GQG Partners International Opportunities Fund (via Goldman Sachs Trust II) and 6.38 crores through GQG Partners Emerging Market Fund. The other buyer’s name is not known immediately.
Shares of IDFC First Bank closed flat at ₹93.44 on the BSE.
In an another deal, PE investors Matrix Partners, TPG Asia and Northwest Ventures sold up to 21.72 crore shares Five Star Finance in the range of ₹730-730.12. HDFC Mutual was a major buyer.