GQG Partners Acquires Shares Of IDFC FIRST Bank From Mr. V.Vaidyanathan, Shares Rises

GQG Partners acquired nearly 5 crore shares ( 5,07,39,653 Equity Shares) from IDFC First Bank's Managing Director and Chief Executive Officer (CEO) Mr. V Vaidyanathan on Monday, the bank said in an exchange filing. Following the development, the shares of IDFC First Bank rose nearly 2% on the BSE.

In an exchange filing, the private banking firm stated that the Bank has been notified that the net proceeds of the sale of Rs 478.7 crore will be used to subscribe for additional shares of the bank through option exercise, to pay related income tax, and to make contributions to particular pre-committed social causes.

The sale proceeds of Rs 478.7 Crore would be used, Rs 229 crore for subscribing to new shares of IDFC FIRST Bank; Rs 240.5 crore for income tax connected to stock option exercises; and Rs 9.2 crore for contributions to designated social causes.

According to an exchange filing, Vaidyanathan initially obtained CMD stock options from Capital First as background information for the deal.

Capital First merged with IDFC Bank in December 2018. These Capital First CMD stock options were converted to IDFC First Bank stock options as part of the Amalgamation Scheme agreed upon between IDFC Bank and Capital First. These alternatives are being used in light of the fact that they are going to expire.

The shares of IDFC First Bank currently trading 1.33% higher at Rs 96.63 apiece on the BSE with the day's highs and lows of Rs 97.40 and Rs 96.20, respectively. The stock declined 1.85% in 1 week, while it gained 9.66% in 1 month, 34.90% in 3 months, and 72.31% in 6 months, respectively, It gained 91.35% in 1 year, 211.21% in 3 years, respectively.