IDFC FIRST Bank’s ED Madhivanan Balakrishnan steps down

“The Nomination & Remuneration Committee and the Board of Directors of the Bank at their respective meetings held today have accepted the said resignation (tendered on December 6, 2023) and shall relieve him from his duties in the capacity of Executive Director with immediate effect from the close of business hours on December 6, 2023. He continues to serve the bank for necessary handovers until December 15, 2023,” the bank said in a regulatory filing on December 6.

Following the vacancy, the bank intends to assess internal candidates for the whole-time director (Executive Director) position.

Additionally, there are plans for a stake sale by US private equity firm Warburg Pincus in IDFC First Bank.

The firm wants to sell a 1.3% stake through its affiliate, Cloverdell Investment, via a block deal valued at $100 million at ₹85.7 per share. Cloverdell Investment currently holds a 2.74% stake in IDFC First Bank, and after the planned 1.3% stake sale, it will retain a 1.44% holding.

In a previous transaction on September 4, Warburg Pincus sold a 4.2% stake in IDFC First Bank for ₹2,480 crore, while GQG Partners, backed by Rajiv Jain, acquired a 2.6% stake for ₹1,527 crore.