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IDFC First Bank shareholders reject Warburg Pincus board nomination
A special resolution to allow Warburg Pincus affiliate Currant Sea Investments to nominate a non-executive director failed to get the required 75% shareholder approval
Subrata Panda Mumbai
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IDFC First Bank on Monday informed the exchanges that its shareholders have rejected a special resolution seeking approval for US-based private equity giant Warburg Pincus's affiliate — Currant Sea Investments B.V. — to nominate a non-retiring, non-executive director to the bank's board. The resolution received 64.1 per cent of the votes, falling short of the 75 per cent threshold required for passage.
Last month, the private sector lender had announced that Warburg Pincus LLC and the Abu Dhabi Investment Authority (ADIA) would collectively invest ₹7,500 crore in the bank through a preferential equity issue aimed at supporting the lender's next
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