GQG invests ₹479 cr more in IDFC First
MUMBAI : Rajiv Jain-led US-based boutique investment manager GQG Partners Llc, on Monday, acquired an additional 5.1 crore or 0.76% stake in private lender IDFC First Bank Ltd from V. Vaidyanathan, MD & CEO of the bank, for ₹478.7 crore through block deal on the exchange. GQG Partners increased its stake in IDFC First Bank to 3.36% with an additional purchase of 5.1 crore shares.
The investment firm has now invested over ₹41,478.7 crore in Indian companies in the past six months. “The bank is always thinking of building for the long run. We are not looking at quarters.
We are looking ahead into years and decades. The bank has been seeing strong deposit flow," said Vaidyanathan. GQG is invested ₹184.49 billion in ICICI Bank, HDFC , SBI, ITC, Sun Pharma besides Adani group companies, according to Bloomberg.
The private banking company informed that the net proceeds of the sale of ₹478.7 crore will be utilised for subscribing to new shares of the bank through the exercise of options, to pay associated income tax, and to make contributions to specific pre-committed social causes, according to an exchange filing. The MD and CEO also disclosed to the bank that no portion of the proceeds will be used for any personal expenses or other investments as described. Out of the ₹478.7 crore stake sale, ₹229 crore would be used to pay IDFC First Bank to subscribe to new shares of the bank, ₹240.5 crore towards income tax payment for exercising the stock options, and ₹9.2 crore towards contribution to pre-committed causes including National Association of Blind for skilling and rehabilitation of blind people, contribution to Birla Institute of Technology Scholarship Program where he studied, and contribution to Rukmini Social Trust, and
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