IDFC First Bank to sell Mumbai office space to NSDL for ₹198 crore

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(NSDL) to sell one of its premises in Mumbai for ₹198 crore. The office space that would be sold to the securities depository is located in Naman Chambers, based in the business hub of Bandra-Kurla Complex (BKC). The decision is “part of consolidation of bank’s operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai," the lender stated in its regulatory filing.

“The consideration for the mentioned office premises amounts to ₹198 crore," it further added. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! The title and ownership of the office premises will be transferred from the bank to NSDL, IDFC First Bank added, while also noting that the possession of the office premises will be handed over “as mutually agreed between both the parties".

The bank also clarified that NSDL “does not hold any shares in IDFC FIRST Bank", and the sale deal with the depository does not fall under related party transactions. The development comes six days after reports said that IDFC First Bank is planning to raise ₹3,000 crore via a qualified institutional placement (QIP). The private lender had reported strong financials in the quarter ending June 2023, with its net profit in the period climbing by 61 percent on-year to ₹765 crore.

The bank's net interest income grew 36 percent on-year to ₹3,745 crore. The asset quality also improved, as the Gross Non-Performing Assets (GNPA) reduced to 2.17 percent as on June 30, 2023, as compared to 3.36 percent as of June 30, 2022. In the trading session on October 9, IDFC First Bank's scrip settled at ₹90.04 apiece, down by 1.48 percent as against the