GQG Partners Acquires 5.1 Crore Equity Shares of IDFC First Bank’s CEO in ₹479.50 Crore Block Deal

GQG Partners Acquires 5.1 Crore Equity Shares of IDFC First Bank's CEO in ₹479.50 Crore Block Deal

VoM News Desk | September 11, 2023 | 05:30 AM IST | Breaking News | Follow on Google News

GQG Partners Acquires 5.1 Crore Equity Shares of IDFC First Bank’s CEO in ₹479.50 Crore Block Deal. Image/Mint +Print

Share Price Rises Nearly 2% Following the Announcement

In a significant development, GQG Partners has acquired approximately 5.1 crore equity shares of IDFC First Bank Ltd’s Managing Director and CEO, V. Vaidyanathan, in a block deal transaction valued at ₹479.50 crores. This acquisition has had a positive impact on IDFC Bank’s share price, which rose nearly 2% following the news.

Block Deal Details

• Number of Shares: GQG Partners acquired approximately 5.1 crore equity shares of IDFC First Bank Ltd’s MD & CEO.
• Transaction Value: The block deal was valued at ₹479.50 crores.

Share Price Movement

• Opening Price: IDFC Bank’s share price opened at ₹97.24 apiece on BSE on Monday.

Utilization of Proceeds

IDFC First Bank revealed in an exchange filing that it has been informed that the net proceeds from the sale, amounting to ₹478.7 crores, will be allocated for the following purposes:

1. Subscribing for New Shares: A portion of the proceeds will be used to subscribe for new shares of the bank through the exercise of options.
2. Income Tax: The proceeds will also be used to pay associated income tax.
3. Social Causes: Contributions will be made to specific pre-committed social causes.

No Personal Expenses or Other Investments

The MD and CEO, V. Vaidyanathan, disclosed to the bank that none of the proceeds from this transaction will be used for personal expenses or other investments, as described.

This block deal and the allocation of the proceeds reflect strategic financial decisions and investments in the future growth and development of IDFC First Bank Ltd.

VoM News Desk

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