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GQG Partners acquires 2.58% stake in IDFC First Bank
September 04, 2023
Rajiv Jain led GQG Partners, which is a US-based global boutique asset management firm, has bought 2.58% stake in IDFC First Bank via bulk deals on Friday, according to data available on the bourses.
As per BSE data, US-based company acquired 171,602,498 shares of the private banking company for ₹89 apiece, which aggregates to ₹1,527 crore.
On the other side, Cloverdell Investment Ltd offloaded 278,690,000 equity shares or 4.2% at an average price of ₹89 per share. As on June 30, Cloverdell Investment Ltd held 7.12% in IDFC First Bank Ltd. Cloverdell Investment is owned by a private equity major Warburg Pincus.
IDFC First Bank is mainly owned by public shareholders, who hold a 60.07% stake, while promoters hold the remaining 39.93%, according to the BSE’s shareholding patterns of the private bank.
IDFC First Bank is mainly owned by public shareholders, who hold a 60.07% stake, while promoters hold the remaining 39.93%, according to the BSE’s shareholding patterns of the private bank.
GQG Partners was in earlier this year after investing in shares of the Adani Group. Presently, it owns 2.67% of Adani Enterprises, 5.03% of Adani Ports, 7.73% of Adani Power, and 3.5% of Adani Green.
The US-based fund, in addition to holding shares of the Adani Group, also holds stakes in ITC, Patanjali Foods, JSW Energy, Max Healthcare, and a few other stocks.
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