IDFC FIRST Bank Block Deal: 2.6% equity worth ₹1,386 crore changes hands

The investment firm was expected to offload its 2.25% equity in the bank through block deals, sources said.

The offer size for the stake sale was estimated to be around ₹1,191.4 crore, with a floor price set at ₹75 per share, sources said.

The lender reported an 18.4% increase in net profit in the third quarter at ₹715.7 crore from the previous year's ₹604.6 crore.

Its Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 30.5% to ₹4,286.6 crore against ₹3,284.3 crore in the previous year.

The lender's gross non-performing asset (GNPA) stood at 2.04% in the December quarter against 2.11% in the previous quarter. Net NPA came at 0.68% against the previous quarter's 0.68%. The net interest margin was 6.42% in the December quarter as compared to 6.13% the same quarter previous fiscal and 6.32% in second quarter of FY24

IDFC First shares were down 1.93% at ₹109.1 apiece at 9.16 am. The stock has gained 40.96% in the past year.