IDFC First Bank to Raise $877 Million From Warburg Pincus, ADIA
IDFC First Bank is the India’s ninth-largest private bank.
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IDFC First Bank Ltd has approved a plan to raise 75 billion rupees ($877 million) from Warburg Pincus LLC and Abu Dhabi Investment Authority.
The US based private equity firm will invest $570 million through its affiliate company and ADIA will invest $307 million through its subsidiary, the Indian bank said in a statement Thursday. The Mumbai-based lender will issue 1.25 billion preference shares to the investors.