The net interest income (NII) of IDFC First Bank rose 30% to Rs 4,287 crore in the third quarter, compared with Rs 3,286 crore in the same quarter of last year. Other income during the reporting period increased 32% year-on-year to Rs 1,517 crore. It was Rs 1,152 crore in the last-year period.
As of September-end, Dayside Investment held 1.3% in the company. Cloverdell Investment, another affiliate of Warburg Pincus, also holds a 2.74% stake in IDFC First Bank.
Warburg Pincus, through its affiliate Cloverdell Investment, is likely to sell 1.3% stake in the private sector lender, and the floor price for the same has been set at Rs 85.7 a share. The floor price is at a discount of up to 5.2% to the current market price.
NRI investor Rajiv Jain s GQG Partners shot to the limelight earlier this year after it made contra bets in Adani Group stocks at a time when the conglomerate was marred by corporate governance allegations.