Rajiv Jain led GQG Partners, which is a US-based global boutique asset management firm, has bought 2.58% stake in IDFC First Bank via bulk deals on Friday, according to data available on the bourses.
As per BSE data, US-based company acquired 171,602,498 shares of the private banking company for ₹89 apiece, which aggregates to ₹1,527 crore.
On the other side, Cloverdell Investment Ltd offloaded 278,690,000 equity shares or 4.2% at an average price of ₹89 per share. As on June 30, Cloverdell Investment Ltd held 7.12% in IDFC First Bank Ltd. Cloverdell Investment is owned by a private equity major Warburg Pincus.
IDFC First Bank is mainly owned by public shareholders, who hold a 60.07% stake, while promoters hold the remaining 39.93%, according to the BSE’s shareholding patterns of the private bank.
GQG Partners was in earlier this year after investing in shares of the Adani Group. Presently, it owns 2.67% of Adani Enterprises, 5.03% of Adani Ports, 7.73% of Adani Power, and 3.5% of Adani Green.
The US-based fund, in addition to holding shares of the Adani Group, also holds stakes in ITC, Patanjali Foods, JSW Energy, Max Healthcare, and a few other stocks.
In 2019, Global private equity major Warburg Pincus has pledged its entire 9.86% shareholding in private lender IDFC First Bank Ltd to raise funds, two people aware of the development said, requesting anonymity, Mint reported.
Warburg held 471.73 million shares in IDFC First Bank through an entity called Cloverdell Investment Ltd.
Also Read: Warburg  Pincus pledges entire stake in IDFC First Bank to raise funds
IDFC First Bank share price closed 0.11% higher today at ₹93.44 apiece on BSE. IDFC First Bank shares have been trading in green for three consecutive sessions. According to trendlyne data, IDFC First Bank stock price rose 90% and outperformed its sector by 66.4% in the past year.
IDFC First Bank released its Q1 results on July where it reported a net consolidated profit of ₹765 crore, 61% up from ₹474 crore during the corresponding quarter in the previous fiscal. The net interest income of the bank grew 36% from Rs. 2,751 crore in Q1FY23 to ₹3,745 crore in Q1FY24.
During the April-June quarter, the core operating profit of IDFC First Bank was up by 45% to ₹1427 crore from ₹987 crore during Q1FY23. The net interest margin grew year on year from 5.77% in Q1FY23 to 6.3% in Q1FY24 but declined marginally from 6.4% recorded during the previous quarter.
 "India reiterates opposition to China’s Belt and Road Initiative at SCO meet | External Affairs Defence Security News")
 "Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges | Economy & Policy News")
 "HK-based Executive Centre to invest Rs 125 cr to grow India business | Company News")
