Warburg Pincus Seeks CCI Nod to Buy 10% in IDFC First Bank

PRIVATE EQUITY MAJOR Warburg Pincus has sought an approval from fair trade regulator Competition Commission of India (CCI) to acquire a 10% stake in private sector lender IDFC First Bank.

- PRESS TRUST OF INDIA

US-based Warburg Pincus, through its arm Currant Sea Investments BV, seeks to acquire the stake in IDFC First Bank.

"The acquirer (Currant Sea Investments BV) proposes to acquire up to 9.99% of the paid-up share capital (on a fully diluted basis) of the target (IDFC First Bank) by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares," a notice filed with the CCI said.

The deal has been notifiable to the CCI under Section 5(a)(i)(A) of the Competition Act, 2002, it added.